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Integrated Household Surveys: An Assessment Of U.S. Methods And An Innovation

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  • Krislert Samphantharak
  • Scott Schuh
  • Robert M. Townsend

Abstract

We present a vision for improving household financial surveys by integrating responses from questionnaires more completely with financial statements and combining them with payments data from diaries. Integrated household financial accounts—balance sheet, income statement, and statement of cash flows—are used to assess the degree of integration in leading U.S. household surveys, focusing on inconsistencies in measures of the change in cash. Diaries of consumer payment choice can improve dynamic integration. Using payments data, we construct a statement of liquidity flows: a detailed analysis of currency, checking accounts, prepaid cards, credit cards, and other payment instruments, consistent with conventional cash flow measures and the other financial accounts. (JEL D12, D14, E41, E42)

Suggested Citation

  • Krislert Samphantharak & Scott Schuh & Robert M. Townsend, 2018. "Integrated Household Surveys: An Assessment Of U.S. Methods And An Innovation," Economic Inquiry, Western Economic Association International, vol. 56(1), pages 50-80, January.
  • Handle: RePEc:bla:ecinqu:v:56:y:2018:i:1:p:50-80
    DOI: 10.1111/ecin.12489
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    File URL: https://doi.org/10.1111/ecin.12489
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    References listed on IDEAS

    as
    1. Carroll, Christopher D. & Crossley, Thomas F. & Sabelhaus, John (ed.), 2015. "Improving the Measurement of Consumer Expenditures," National Bureau of Economic Research Books, University of Chicago Press, number 9780226126654.
    2. Rod Garratt & Antoine Martin & James J. McAndrews & Ed Nosal, 2015. "Segregated balance accounts," Staff Reports 730, Federal Reserve Bank of New York.
    3. William Jack & Tavneet Suri & Robert M. Townsend, 2010. "Monetary theory and electronic money : reflections on the Kenyan experience," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 96(1Q), pages 83-122.
    4. John Y. Campbell, 2006. "Household Finance," Journal of Finance, American Finance Association, vol. 61(4), pages 1553-1604, August.
    5. Sumit Agarwal & Wenlan Qian, 2014. "Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore," American Economic Review, American Economic Association, vol. 104(12), pages 4205-4230, December.
    6. Claire Greene & Scott Schuh, 2014. "U.S. consumers' holdings and use of $100 bills," Research Data Report 14-3, Federal Reserve Bank of Boston.
    7. Christopher D. Carroll & Thomas F. Crossley & John Sabelhaus, 2015. "Improving the Measurement of Consumer Expenditures," NBER Books, National Bureau of Economic Research, Inc, number carr11-1, March.
    8. Scott Schuh, 2017. "Measuring consumer expenditures with payment diaries," Working Papers 17-2, Federal Reserve Bank of Boston.
    9. Claire Greene & Scott Schuh & Joanna Stavins, 2016. "The 2014 survey of consumer payment choice: summary results," Research Data Report 16-3, Federal Reserve Bank of Boston.
    10. Atif Mian & Amir Sufi, 2011. "House Prices, Home Equity-Based Borrowing, and the US Household Leverage Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 2132-2156, August.
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    More about this item

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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