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Retrospective Reporting of Household Wealth: Evidence from the 1983-1989 Survey of Consumer Finances

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Author Info

  • Kennickell, Arthur B
  • Starr-McCluer, Martha

Abstract

One way to obtain panel-like information on household wealth is to ask households about changes in their asset holdings. Yet the reliability of retrospective data is unclear, considering the potential for recall error. This article examines the reliability of retrospective reporting using data from the 1983-89 Survey of Consumer Finances. The authors find substantial inconsistencies between reported net investments in assets with measured changes in holdings. Inconsistencies are less severe for salient transactions like home sales and more severe for aggregated items like financial assets.

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Bibliographic Info

Article provided by American Statistical Association in its journal Journal of Business and Economic Statistics.

Volume (Year): 15 (1997)
Issue (Month): 4 (October)
Pages: 452-63

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Handle: RePEc:bes:jnlbes:v:15:y:1997:i:4:p:452-63

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Web page: http://www.amstat.org/publications/jbes/index.cfm?fuseaction=main

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Cited by:
  1. Peltonen, Tuomas A. & Sousa, Ricardo M. & Vansteenkiste, Isabel, 2009. "Wealth effects in emerging market economies," Working Paper Series 1000, European Central Bank.
  2. de Nicola, Francesca & Giné, Xavier, 2014. "How accurate are recall data? Evidence from coastal India," Journal of Development Economics, Elsevier, vol. 106(C), pages 52-65.
  3. Maury Gittleman & Edward N. Wolff, 2000. "Racial Wealth Disparities: Is the Gap Closing?," Macroeconomics 0004058, EconWPA.
  4. Ricardo M. Sousa, 2009. "Wealth Effetcs on Consumption: Evidence from the euro area," NIPE Working Papers 12/2009, NIPE - Universidade do Minho.
  5. Peter Skott, 2013. "Increasing Inequality and Financial Instability," Review of Radical Political Economics, Union for Radical Political Economics, vol. 45(4), pages 478-488, December.
  6. Karl E. Case & John M. Quigley & Robert J. Shiller, 2011. "Wealth Effects Revisited 1978-2009," NBER Working Papers 16848, National Bureau of Economic Research, Inc.
  7. Case, Karl E. & Quigley, John M. & Shiller, Robert J., 2013. "Wealth Effects Revisited 1975-2012," Critical Finance Review, now publishers, vol. 2(1), pages 101-128, July.
  8. Brady Ryan R & Stimel Derek S, 2011. "How the Housing and Financial Wealth Effects Have Changed over Time," The B.E. Journal of Macroeconomics, De Gruyter, vol. 11(1), pages 1-45, August.
  9. Alessie, R.J.M. & Hochgürtel, S. & Soest, A.H.O. van, 2004. "Ownership of stocks and mutual funds: A panel data analysis," Open Access publications from Tilburg University urn:nbn:nl:ui:12-140722, Tilburg University.

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