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Discussion Paper
The Role of Social Security in Overall Retirement Resources: A Distributional Perspective
Devlin-Foltz, Sebastian; Volz, Alice Henriques; Sabelhaus, John Edward (2016-07-29)
In this note, we first present trends in participation in employment-related retirement plans, and then provide analysis for one birth cohort, nearing retirement age, of the impact of Social Security on retirement wealth.
FEDS Notes , Paper 2016-07-29-1

Working Paper
On Intergenerational Immobility : Evidence that Adult Credit Health Reflects the Childhood Environment
Goodman, Sarena; Volz, Alice Henriques; Mezza, Alvaro (2017-03)
Using a novel dataset that links socioeconomic background to future credit, postsecondary education, and federal student loan and grant records, we document that, even though it is not and cannot be used by credit agencies in assigning risk, background is a strong predictor of adult credit health. A relationship remains upon inclusion of achievement, attainment, and debt management metrics. These findings reveal a new dimension along which childhood circumstances persist into adulthood and imply that the many important contexts in which credit scores are relied upon to evaluate individuals ...
Finance and Economics Discussion Series , Paper 2017-032

Working Paper
Measuring Income and Wealth at the Top Using Administrative and Survey Data
Volz, Alice Henriques; Sabelhaus, John Edward; Bricker, Jesse; Krimmel, Jacob (2015-04-28)
Administrative tax data indicate that U.S. top income and wealth shares are substantial and increasing rapidly (Piketty and Saez 2003, Saez and Zucman 2014). A key reason for using administrative data to measure top shares is to overcome the under-representation of families at the very top that plagues most household surveys. However, using tax records alone restricts the unit of analysis for measuring economic resources, limits the concepts of income and wealth being measured, and imposes a rigid correlation between income and wealth. The Survey of Consumer Finances (SCF) solves the ...
Finance and Economics Discussion Series , Paper 2015-30

Working Paper
How Much has Wealth Concentration Grown in the United States? A Re-Examination of Data from 2001-2013
Bricker, Jesse; Volz, Alice Henriques; Hansen, Peter (2018-04-13)
Well known research based on capitalized income tax data shows robust growth in wealth concentration in the late 2000s. We show that these robust growth estimates rely on an assumption---homogeneous rates of return across the wealth distribution---that is not supported by data. When the capitalization model incorporates heterogeneous rates of return (on just interest-bearing assets), wealth concentration estimates in 2011 fall from 40.5% to 33.9%. These estimates are consistent in levels and trend with other micro wealth data and show that wealth concentration increases until the Great ...
Finance and Economics Discussion Series , Paper 2018-024

Working Paper
Updates to the Sampling of Wealthy Families in the Survey of Consumer Finances
Volz, Alice Henriques; Bricker, Jesse; Moore, Kevin B. (2017-11-29)
Participation in household surveys has fallen over time, making it harder to produce a household survey-like the Survey of Consumer Finances (SCF)-in a timely manner. To address these challenges, the reference year of the sampling frame data for the 2016 SCF wealthy oversample was shifted back one year, allowing the oversample to be selected earlier than the past. In implementing this change, though, we risk identifying an outdated set of families and introducing variability in the sampling process. However, we show that the set of families selected in the new frame are observationally ...
Finance and Economics Discussion Series , Paper 2017-114

Discussion Paper
The Distributional Financial Accounts
Batty, Michael M.; Briggs, Joseph S.; Pence, Karen M.; Smith, Paul A.; Volz, Alice Henriques (2019-08-30)
This Note describes briefly how the Distributional Financial Accounts (DFAs) are constructed and highlights some of their key features.
FEDS Notes , Paper 2019-08-30

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