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Working Paper
A Wealth of Information: Augmenting the Survey of Consumer Finances to Characterize the Full U.S. Wealth Distribution
We use the Survey of Consumer Finances (SCF) to advance U.S. wealth analysis along several dimensions. We develop a comprehensive framework that modifies the SCF to recover the wealth distribution over families, tax units, and individuals from 1989 to 2019. We show that, by ignoring unequal holdings within families, existing estimates considerably understate U.S. inequality across individuals. We find wealth concentration rose through the recent economic recovery, which differs from leading models that capitalize income into wealth even after aligning conceptual differences. We illustrate ...
Working Paper
Lining Up : Survey and Administrative Data Estimates of Wealth Concentration
The Survey of Consumer Finances (SCF) has a dual-frame sample design that supplements a standard area-probability frame with a sample of observations drawn from statistical records derived from tax returns. The tax-based frame is stratified on the basis of a "wealth index" constructed largely from observed income flows, with the intent of heavily oversampling wealthy households. Although the SCF is not specifically designed to estimate wealth concentration, the design arguably provides sufficient support to enable such analysis with a reasonable level of credibility. Similar estimates may ...