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ECIN Replication Package for "Idiosyncratic Asset Return and Wage Risk of US Households"

Name: ECIN Replication Package for "Idiosyncratic Asset Return and Wage Risk of US Households"
Published: 2024-08-06
License: https://creativecommons.org/licenses/by/4.0

Principal Investigator(s): View help for Principal Investigator(s) Stephen Snudden, Wilfrid Laurier University

Version: View help for Version V3

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ReplicationFiles			10/02/2024 10:04:AM
README.pdf	application/pdf	270.4 KB	10/02/2024 06:02:AM

Project Citation:

Snudden, Stephen. ECIN Replication Package for “Idiosyncratic Asset Return and Wage Risk of US Households.” Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2024-10-02. https://doi.org/10.3886/E208346V3

Project Description

Summary: This is the replication package for the article "Idiosyncratic Asset Return and Wage Risk of US Households" in Economic Inquiry. Abstract: This paper documents the degree of idiosyncratic asset return heterogeneity, serial correlation, and correlation with wage heterogeneity for US households. Novel panel-data measurements for returns on household assets are proposed. Sizeable transitory idiosyncratic return heterogeneity is documented to exist concurrently with permanent heterogeneity in household-specific returns. On average, idiosyncratic permanent risk to wages and transitory risk to total asset returns are correlated. This arises primarily from correlated wage and return risk to primary housing assets, and is dependent on age and wealth. The estimates inform the covariance structure of idiosyncratic asset return and wage heterogeneity.

Funding Sources: Social Sciences and Humanities Research Council (Canada) (430-2020-01202)

Scope of Project

Subject Terms: investment returns; social inequality; wealth; consumer assets; private ownership; household income; financial assets

JEL Classification:
      D14 Household Saving; Personal Finance
      D31 Personal Income, Wealth, and Their Distributions
      E21 Macroeconomics: Consumption; Saving; Wealth
      E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
      G11 Portfolio Choice; Investment Decisions
      J31 Wage Level and Structure; Wage Differentials

Manuscript Number: ECIN-Aug-2023-0363.R2

Geographic Coverage: United States

Time Period(s): 1998 – 2018

Collection Date(s): 3/2023 – 3/2023

Universe: Non-retired heads and secondary heads of households aged 20-70 in the United States.

Data Type(s): program source code; survey data

Collection Notes: Panel Study of Income Dynamics (PSID) household panel survey.

Methodology

Data Source: Panel Study of Income Dynamics (PSID) household panel survey.

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