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

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

Version:  View help for Version V4

Name File Type Size Last Modified
  J300916 10/24/2024 07:41:AM
CleanData.do text/plain 70.8 KB 09/24/2024 05:59:AM
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Project Description

Summary:  View help for 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.

Scope of Project

Subject Terms:  View help for Subject Terms investment returns; social inequality; wealth; consumer assets; private ownership; household income; financial assets
JEL Classification:  View help for 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:  View help for Manuscript Number ECIN-Aug-2023-0363.R2
Geographic Coverage:  View help for Geographic Coverage United States
Universe:  View help for Universe Non-retired heads and secondary heads of households aged 20-70 in the United States.
Data Type(s):  View help for Data Type(s) program source code; survey data
Collection Notes:  View help for Collection Notes Panel Study of Income Dynamics (PSID) household panel survey.

Methodology

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

Related Publications

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Published Versions

V5 [2024-11-26]

V4 [2024-10-24]

V3 [2024-10-02]

V2 [2024-09-09]

V1 [2024-08-06]

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