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Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey

Author

Listed:
  • Bucks, Brian K.

    (Consumer Financial Protection Bureau)

  • Pence, Karen M.

    (Board of Governors of the Federal Reserve System (U.S.))

Abstract

Several U.S. panel surveys measure household wealth. At the same time, many important questions about household wealth accumulation remain somewhat unresolved. We consider whether measurement error on the existing suite of longitudinal surveys hinders their usefulness for addressing these questions. We review the features of wealth data that make it difficult to collect and assess which assets and debts households are more likely to report accurately. We suggest several considerations in choosing between improving existing surveys and starting a new one.

Suggested Citation

  • Bucks, Brian K. & Pence, Karen M., 2015. "Wealth, Pensions, Debt, and Savings: Considerations for a Panel Survey," Finance and Economics Discussion Series 2015-19, Board of Governors of the Federal Reserve System (U.S.).
  • Handle: RePEc:fip:fedgfe:2015-19
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    File URL: http://dx.doi.org/10.17016/FEDS.2015.019
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    References listed on IDEAS

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    4. Joachim Winter, 2004. "Response bias in survey-based measures of household consumption," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-12.
    5. Venti Steven, 2011. "Economic Measurement in the Health and Retirement Study," Forum for Health Economics & Policy, De Gruyter, vol. 14(3), pages 1-20, April.
    6. Dale W. Jorgenson & J. Steven Landefeld & Paul Schreyer, 2014. "Measuring Economic Sustainability and Progress," NBER Books, National Bureau of Economic Research, Inc, number jorg12-1, June.
    7. Peter Lynn & Annette Jäckle & Stephen P. Jenkins & Emanuela Sala, 2012. "The impact of questioning method on measurement error in panel survey measures of benefit receipt: evidence from a validation study," Journal of the Royal Statistical Society Series A, Royal Statistical Society, vol. 175(1), pages 289-308, January.
    8. Daniel Cooper, 2013. "House Price Fluctuations: The Role of Housing Wealth as Borrowing Collateral," The Review of Economics and Statistics, MIT Press, vol. 95(4), pages 1183-1197, October.
    9. Dettling, Lisa J. & Hsu, Joanne W., 2014. "Returning to the Nest: Debt and Parental Co-residence Among Young Adults," Finance and Economics Discussion Series 2014-80, Board of Governors of the Federal Reserve System (U.S.).
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    11. Joseph W. Sakshaug & Mick P. Couper & Mary Beth Ofstedal & David R. Weir, 2012. "Linking Survey and Administrative Records," Sociological Methods & Research, , vol. 41(4), pages 535-569, November.
    12. Barry P. Bosworth & Sarah Anders, 2008. "Saving and Wealth Accumulation in the PSID, 1984-2005," Working Papers, Center for Retirement Research at Boston College wp2008-2, Center for Retirement Research, revised Feb 2008.
    13. Daniel H. Hill, 2006. "Wealth dynamics: reducing noise in panel data," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 21(6), pages 845-860.
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    Keywords

    Measurement error; survey methods; wealth;

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