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Young Baby Boomers' Wealth

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Author Info
Zagorsky, Jay L
Abstract

Researchers know relatively little about the beginnings of wealth accumulation. This paper analyzes the wealth of young baby boomers, individuals born from 1957 to 1964, using a previously ignored wealth data set, the National Longitudinal Survey of Youth 1979 (NLSY79). First, a detailed data quality evaluation is performed. Findings suggest that not cleaning NLSY79 wealth data causes nonsensical results, but there are no other serious problems. Analyzing the cleaned wealth data quantifies many stylized facts. For example, the typical baby boomer's wealth holdings increase by more than S2,000 a year. Married females hold more wealth than either married or unmarried males. Finally, while young boomers start with a majority of their wealth in illiquid holdings such as automobiles and possessions, they rapidly shift their wealth holdings into homes as they grow older. Copyright 1999 by The International Association for Research in Income and Wealth.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of Income & Wealth.

Volume (Year): 45 (1999)
Issue (Month): 2 (June)
Pages: 135-56
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Handle: RePEc:bla:revinw:v:45:y:1999:i:2:p:135-56

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0034-6586

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  1. Lisa A. Keister, 2000. "Family Structure, Race, and Wealth Ownership: A Longitudinal Exploration of Wealth Accumulation Processes," Macroeconomics 0004051, EconWPA. [Downloadable!]
  2. Eva M. Sierminska & Joachim R. Frick & Markus M. Grabka, 2008. "Examining the Gender Wealth Gap in Germany," SOEPpapers 115, DIW Berlin, The German Socio-Economic Panel (SOEP). [Downloadable!]
    Other versions:
  3. Annamaria Lusardi & Ricardo Daniel Cossa & Erin L. Krupka, 2001. "Savings of Young Parents," JCPR Working Papers 229, Northwestern University/University of Chicago Joint Center for Poverty Research.
  4. Gary Engelhardt, 2001. "Nominal Loss Aversion, Housing Equity Constraints, and Household Mobility: Evidence from the United States," Center for Policy Research Working Papers 42, Center for Policy Research, Maxwell School, Syracuse University. [Downloadable!]
  5. Jonas D. M. Fisher & Martin Gervais, 2007. "First-time home buyers and residential investment volatility," Working Paper Series WP-07-15, Federal Reserve Bank of Chicago. [Downloadable!]
  6. Annamaria Lusardi & Ricardo Cossa & Erin L. Krupka, 2000. "Savings of young parents," Working Paper Series WP-00-23, Federal Reserve Bank of Chicago. [Downloadable!]
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