New Approaches to Measuring Comprehensive and Fully Integrated Household Financial Statements at the Micro and Macro Levels
Sunday, Jan. 3, 2021 10:00 AM - 12:00 PM (EST)
- Chair: John Sabelhaus, Non-affiliated
The Distributional Financial Accounts of the United States
AbstractThis paper describes the construction of the Distributional Financial Accounts
(DFA), a dataset containing quarterly estimates of the distribution of U.S. household
wealth since 1989. The DFA build on two existing Federal Reserve Board statistical
products | quarterly aggregate measures of household wealth from the Financial Ac-
counts of the United States, and triennial wealth distribution measures from the Survey
of Consumer Finances | to incorporate distributional information into a national ac-
counting framework. The DFA complement other sources by generating distributional
statistics that are consistent with macro aggregates, by providing quarterly data on a
timely basis, and by constructing wealth distributions across demographic characteris-
tics. We encourage policymakers, researchers, and other interested parties to use the
DFA to better understand issues related to the distribution of U.S. household wealth.
Real Time Measurement of Household Electronic Financial Transactions in a Population Representative Panel
AbstractFrom September 2016 to September 2018, we piloted the collection of financial transaction and account balance data in the Understanding America Study (UAS), an Internet panel representative of the U.S. adult population. Unlike previous studies relying on electronic transaction information from financial aggregators, our data allow us to explore heterogeneity in consumer behavior as driven by demographics, health, cognitive ability, and financial literacy, among others. In this paper, we describe the results of this pilot project, documenting selectivity issues and the major barriers associated with participation in the study. We carry out illustrative exercises to highlight how the combination of surveys and electronic financial records can open new research avenues to better understand individual financial decision making and well-being.
Starting from Scratch: A Multi-Mode Approach to Collecting Micro Data for Fully Integrated United States Household Financial Statements
AbstractThis paper proposes a plan to obtain fully integrated household financial statements (IHFS) by “starting from scratch” at the individual household level with a new multi-modal data collection program. We simply ask and answer two questions: 1) what precise data are needed to calculate IHFS?; and 2) how can we best obtain the necessary data? Addressing these questions is the centerpiece of our long-run research program.
- G5 - Household Finance
- C8 - Data Collection and Data Estimation Methodology; Computer Programs