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About the Author(s)


Fatih Guvenen is a research associate in the NBER's Economic Fluctuations and Growth Program. A professor of economics at the University of Minnesota in Minneapolis, he also serves as an adviser to the Federal Reserve Bank of Minneapolis.

Guvenen received his bachelor's degree in electrical and electronics engineering from Bilkent University in Ankara, Turkey, and his Ph.D. from Carnegie Mellon University. He has held visiting or full-time academic positions at various institutions, including the University of Rochester, New York University's Stern School of Business, Yale University, and the Federal Reserve Bank of Chicago.

Guvenen's research is at the intersection of macroeconomics and labor economics, broadly defined. His recent work focuses on the causes and consequences of inequality trends, the interactions between inequality and the macroeconomy, individual income risk, tax policy in the presence of inequality, and the linkages between the financial and real sides of the macroeconomy. His work has been supported by grants from the National Science Foundation, the Retirement Research Consortium, the Russell Sage Foundation, and other organizations.

He grew up in Belgium and Turkey, and currently lives in Minneapolis with his two sons.


1. K. Storesletten, C.I. Telmer, and A. Yaron, "Cyclical Dynamics in Idiosyncratic Labor Market Risk," Journal of Political Economy, 112(3), pp. 695–717.   Go to ⤴︎
2. F. Guvenen, S. Ozkan, and J. Song, "The Nature of Countercyclical Income Risk," NBER Working Paper  18035, May 2012, and Journal of Political Economy, 2014, 122(3), pp. 621-60.   Go to ⤴︎
3. These income changes we plot are closely linked, but are not the same as the innovations or shocks to income. In the paper, we have also linked these income changes to underlying persistent shocks to show that the same procyclical skewness emerges in the shocks as well.   Go to ⤴︎
4. C. Busch, D. Domeij, F. Guvenen, and R. Madera, "Asymmetric Business Cycle Risk and Government Insurance," Working Paper, University of Minnesota, 2016.   Go to ⤴︎
5. N. Bloom, "The Impact of Uncertainty Shocks," NBER Working Paper 13385, September 2007, and Econometrica, 77(3), 2009, 623–85.   Go to ⤴︎
6. S. Salgado, F. Guvenen, and N. Bloom, "Skewed Business Cycles," Working Paper, University of Minnesota 2015.   Go to ⤴︎
7. For many developed countries the data is quite comprehensive, going back to the 1980s, and including both public and private firms. For others, the time horizon is shorter and only public firms are included.   Go to ⤴︎
8. F. Guvenen, F. Karahan, S. Ozkan, and J. Song, "What Do Data on Millions of U.S. Workers Say About Labor Income Risk?" NBER Working Paper 20913, January 2015.   Go to ⤴︎
9. G. Constantinides and A. Ghosh, "Asset Pricing with Countercyclical Household Consumption Risk," NBER Working Paper 20110, and forthcoming in the Journal of Finance.   Go to ⤴︎
10. L. Schmidt, "Climbing and Falling Off the Ladder: Asset Pricing Implications of Labor Market Event Risk," Working Paper, University of Chicago, 2016.   Go to ⤴︎
11. M. Golosov, M. Troshkin, and A. Tsyvinski, "Redistribution and Social Insurance," American Economic Review, 106(2), 2016, pp. 359–86.   Go to ⤴︎
12. G. Kaplan, B. Moll, G.L. Violante, "Monetary Policy According to HANK," NBER Working Paper 21897, January 2016. Go to ⤴︎

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