Is the Top Tail of the Wealth Distribution the Missing Link between the Household Finance and Consumption Survey and National Accounts?
Ilja Kristian Kavonius (),
Pérez-Duarte Sébastien () and
Philip Vermeulen ()
Journal of Official Statistics, 2019, vol. 35, issue 1, 31-65
The financial accounts of the household sector within the system of national accounts report the aggregate asset holdings and liabilities of all households within a country. In principle, when household wealth surveys are explicitly designed to be representative of all households, aggregating these microdata should correspond to the macro-aggregates. In practice, however, differences are large. We first discuss conceptual and generic differences between those two sources of data. Thereafter, we investigate missing top tail observation from wealth surveys as a source of discrepancy. By fitting a Pareto distribution to the upper tail, we provide an estimate of how much of the gap between the micro- and macrodata is caused by the underestimation of the top tail of the wealth distribution. Conceptual and generic differences, as well as missing top tail observations, explain part of the gap between financial accounts and survey aggregates.
Keywords: Financial accounts; HFCS; wealth inequality; Pareto distribution; households (search for similar items in EconPapers)
References: Add references at CitEc
Citations: View citations in EconPapers (1) Track citations by RSS feed
Downloads: (external link)
https://www.degruyter.com/view/j/jos.2019.35.issue ... -0003.xml?format=INT (text/html)
Working Paper: Is the top tail of the wealth distribution the missing link between the Household Finance and Consumption Survey and national accounts? (2018)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:vrs:offsta:v:35:y:2019:i:1:p:31-65:n:3
Access Statistics for this article
Journal of Official Statistics is currently edited by Annica Isaksson and Ingegerd Jansson
More articles in Journal of Official Statistics from Sciendo
Bibliographic data for series maintained by Peter Golla ().