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

Listed author(s):
  • Bucks, Brian K.

    (Consumer Financial Protection Bureau)

  • Pence, Karen M.

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

Registered author(s):

    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.

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    File URL: http://www.federalreserve.gov/econresdata/feds/2015/files/2015019pap.pdf
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    File URL: http://dx.doi.org/10.17016/FEDS.2015.019
    File Function: http://dx.doi.org/10.17016/FEDS.2015.019
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    Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series Finance and Economics Discussion Series with number 2015-19.

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    Length: 35 pages
    Date of creation: 26 Feb 2015
    Handle: RePEc:fip:fedgfe:2015-19
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    1. 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, 01.
    2. Theresa Kuchler, 2013. "Sticking to Your Plan: Hyperbolic Discounting and Credit Card Debt Paydown," Discussion Papers 12-025, Stanford Institute for Economic Policy Research.
    3. Brian Baugh & Itzhak Ben-David & Hoonsuk Park, 2014. "Disentangling Financial Constraints, Precautionary Savings, and Myopia: Household Behavior Surrounding Federal Tax Returns," NBER Working Papers 19783, National Bureau of Economic Research, Inc.
    4. Kerwin Kofi Charles & Erik Hurst, 2003. "The Correlation of Wealth across Generations," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1155-1182, December.
    5. Joachim Winter, 2004. "Response bias in survey-based measures of household consumption," Economics Bulletin, AccessEcon, vol. 3(9), pages 1-12.
    6. 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.
    7. 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.
    8. 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.
    9. 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.
    10. 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.
    11. Korbmacher, Julie M. & Schröder, Mathis, 2013. "Consent when Linking Survey Data with Administrative Records : The Role of the Interviewer," EconStor Open Access Articles, ZBW - German National Library of Economics, pages 115-131.
    12. 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.
    13. 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.).
    14. Zagorsky, Jay L, 1999. "Young Baby Boomers' Wealth," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 45(2), pages 135-156, June.
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