Who Loses: An examination of losses in housing net worth, non-housing assets, and total savings from 2007 to 2008 among American families
AbstractThis study models the loss in non-housing assets, increase in non-housing liabilities, and net change in housing value across people by education, ethnic, and occupational categories in the 2007-2008 collapse of Wall Street financial markets. Hypotheses of plausible loci of loss include the usual social categories. Findings do not confirm all of the common presuppositions—managerial class workers have among the largest losses, retirees somewhat limited losses, and losses by educational group decline with advancing education, with the possible exception of Ph.D. holders. The group which had the most severe losses in all asset categories was the armed forces. The magnitude of the suggested effects would indicate that additional policy attention should be targeted on military family outcomes under economic stress.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24897.
Date of creation: 10 Sep 2010
Date of revision:
housing net worth; non-household liabilities; non-household assets; occupational group; education level;
Find related papers by JEL classification:
- I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
- J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
- I32 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Measurement and Analysis of Poverty
This paper has been announced in the following NEP Reports:
- NEP-ALL-2010-09-18 (All new papers)
- NEP-MIC-2010-09-18 (Microeconomics)
- NEP-URE-2010-09-18 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- William R. Emmons, 2010. "Economic hangover: recovery is likely to be prolonged, painful," The Regional Economist, Federal Reserve Bank of St. Louis, issue Apr, pages 4-9.
- Harris, Amy Rehder & Simpson, Michael, 2005. "Winners and Losers under Various Approaches to Slowing Social Security Benefit Growth," National Tax Journal, National Tax Association, vol. 58(3), pages 523-43, September.
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