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@jdebacker, I think that makes sense, and we can actually include transitory shocks as well. In this case, there will be three shocks: 1) a persistent shock each period, 2) a transitory shock each period, and 3) a permanent shock drawn at the beginning of the life-cycle. This third shock generates the life-cycle groups. Storesletten, Telmer, and Yaron (2004) is a good resource for the parameters of the shock processes.
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