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In recent years, the economy of Argentina has experienced both rapid economic growth and severe economic decline. In this paper, the authors use a series of one-year-long panels to study who gained the most in pesos when the economy grew and who lost the most in pesos when the economy contracted. Various considerations led to expect that mobility would be divergent - that is, that the individuals who started with the highest initial earnings would enjoy the largest earnings gains in pesos. Contrary to expectations and for a wide range of specifications, mobility is found to be mostly convergent, sometimes neutral, and never divergent.
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