Nitz, Lawrence H. (2010): Who Loses: An examination of losses in housing net worth, non-housing assets, and total savings from 2007 to 2008 among American families.
Download (840Kb) | Preview
This study models the loss in non-housing assets, increase in non-housing liabilities, and net change in housing value across people by education, ethnic, and occupational categories in the 2007-2008 collapse of Wall Street financial markets. Hypotheses of plausible loci of loss include the usual social categories. Findings do not confirm all of the common presuppositions—managerial class workers have among the largest losses, retirees somewhat limited losses, and losses by educational group decline with advancing education, with the possible exception of Ph.D. holders. The group which had the most severe losses in all asset categories was the armed forces. The magnitude of the suggested effects would indicate that additional policy attention should be targeted on military family outcomes under economic stress.
|Item Type:||MPRA Paper|
|Original Title:||Who Loses: An examination of losses in housing net worth, non-housing assets, and total savings from 2007 to 2008 among American families|
|Keywords:||housing net worth; non-household liabilities; non-household assets; occupational group; education level;|
|Subjects:||I - Health, Education, and Welfare > I3 - Welfare and Poverty > I31 - General Welfare
J - Labor and Demographic Economics > J1 - Demographic Economics > J15 - Economics of Minorities and Races; Non-labor Discrimination
I - Health, Education, and Welfare > I3 - Welfare and Poverty > I32 - Measurement and Analysis of Poverty
|Depositing User:||Lawrence Nitz|
|Date Deposited:||12. Sep 2010 09:53|
|Last Modified:||12. Feb 2013 18:05|
REFERENCES Besley, T. J. et al. 2008. “Household External Finance and Consumption.” Centre For Economic Policy Research DP:6934.
Consumers, CPIAU. 2006. Bureau of Labor Statistics. December.
Emmons, W. R. 2010. “Economic hangover: recovery is likely to be prolonged, painful.” The Regional Economist: 4-9.
———. 2009. “Housing's great fall: putting household balance sheets together again.” Federal Reserve Bank of St. Louis’ The Regional Economist 17(4): 14-15.
Garner, T. I. et al. 2003. “The Consumer Expenditure Survey in comparison: focus on personal consumption expenditures.” In Federal Economic Statistics Advisory Committee Meeting, March,
Gieseman, R. 1987. “Consumer Expenditure Survey: Quality Control by Comparative Analysis, The.” Monthly Lab. Rev. 110: 8.
Harris, A. R., and M. Simpson. 2005. “Winners and losers under various approaches to slowing Social Security benefit growth.” National Tax Journal 58(3): 523.
Harris, E., and J. Sabelhaus. 2000. “Consumer Expenditure Survey Family Level Extracts. National Bureau of Economic Research, http://www. nber. org/data/ces_cbo. html.
Rhodes, D. et al. 2008. “Collateral damage: what the crisis in the credit markets means for everyone else.” The Boston Consulting Group, Report, October.
Size, G. A., B. Greenberg, and L. Voshell. 1990.”Two Notes on Relating the Risk of Disclosure of Microdata and Geographic Area Size Survey of Income and Program Participation: Working Paper Series, No. 9029.,
“The GENMOD Procedure” 2009. In SAS/STAT 9.2 User's Guide:, Cary, N.C.: SAS Institute. (Accessed September 8, 2010).
“U.S. Bureau of Labor Statistics.” http://www.bls.gov/home.htm (Accessed September 8, 2010).