Comparing Micro and Macro Sources for Household Accounts in the United States: Evidence from the Survey of Consumer Finances

Lisa J. Dettling · Sebastian J. Devlin-Foltz · Jacob Krimmel · Sarah J. Pack · Jeffrey P. Thompson

48 citations0/0 files storedFinance and Economics Discussion Series

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Financial Literacy, Pension, Retirement Analysis Monetary Policy and Economic Impact Income, Poverty, and Inequality

Abstract

Household income, spending, and net worth are key inputs in macroeconomic forecasting and economic research. Macro-level data sources are often used to measure household accounts, but lack important information about heterogeneity across different types of households that can be found in micro-level data sources. This paper compares aggregates computed based on one micro-level data source—the Survey of Consumer Finances (SCF)—with macro-level sources of information on household accounts. We find that on most measures, aggregates computed from the SCF line up well with macro-level data sources once we construct comparable series. Our results imply that researchers and policy makers can be confident in making macroeconomic inferences from household-level surveys like the SCF.

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2014Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances 2010An Introduction to the FRBNY Consumer Credit Panel 2014EARLY WITHDRAWALS FROM RETIREMENT ACCOUNTS DURING THE GREAT RECESSION 2017Returning to the nest: Debt and parental co-residence among young adults 2011Do We Know What We Owe? A Comparison of Borrower- and Lender-Reported Consumer Debt

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