Income Mobility, Income Risk and Welfare
---- Acknowledgments ----
We are grateful to seminar participants at Columbia, Harvard and Pennsylvania State University for many useful comments. Particular thanks to Francois Bourguignon, Francisco Ferreira, Gary Fields, and the other participants at the World Bank/Universitat Autonoma de Barcelona Workshop on Mobility for very helpful discussions. Our appreciation to Edwin Goni and Mauricio Sarrias for inspired research assistance. This work was partially supported by the Regional Studies Program of the Office of the Chief Economist for Latin America at the World Bank, the World Bank Research Support Budget and the Strategic Research Program. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.