Replication data for: Disparities in Wealth Accumulation and Loss from the Great Recession and Beyond

Principal Investigator(s): View help for Principal Investigator(s) Signe-Mary McKernan; Caroline Ratcliffe; Eugene Steuerle; Sisi Zhang

Version: View help for Version V1

Name	File Type	Size	Last Modified
P2014_1172_data			12/06/2019 04:19:PM
LICENSE.txt	text/plain	14.6 KB	12/06/2019 11:19:AM

Project Citation:

McKernan, Signe-Mary, Ratcliffe, Caroline, Steuerle, Eugene, and Zhang, Sisi. Replication data for: Disparities in Wealth Accumulation and Loss from the Great Recession and Beyond. Nashville, TN: American Economic Association [publisher], 2014. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-12-06. https://doi.org/10.3886/E116124V1

Project Description

Summary: Using over two decades of Survey of Consumer Finances data and a pseudo-panel technique, we measure the impact of the Great Recession on US family wealth relative to the counterfactual of what wealth would have been given wealth accumulation trajectories. Our synthetic cohort-level models find that the Great Recession reduced average family wealth by 28.5 percent–nearly double the magnitude of previous pre-post mean descriptive estimates and double the magnitude of any previous recession since the 1980s. The housing market was only part of the story; all major wealth components fell as a result of the Great Recession.

Scope of Project

JEL Classification:
      D14 Household Saving; Personal Finance
      D31 Personal Income, Wealth, and Their Distributions
      D15 Intertemporal Household Choice; Life Cycle Models and Saving
      E32 Business Fluctuations; Cycles
      G01 Financial Crises

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V1 [2019-12-06]

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