Federal Reserve Board
Institutional Affiliation: Federal Reserve Board
NBER Working Papers and Publications
|March 2020||The Distributional Financial Accounts of the United States|
with Michael Batty, Jesse Bricker, Joseph Briggs, Danielle Nemschoff, Eric Nielsen, Kamila Sommer, Alice Henriques Volz
in Measuring and Understanding the Distribution and Intra/Inter-Generational Mobility of Income and Wealth, Raj Chetty, John N. Friedman, Janet C. Gornick, Barry Johnson, and Arthur Kennickell, editors
This paper describes the construction of the Distributional Financial Accounts (DFA), a dataset containing quarterly estimates of the distribution of U.S. household wealth since 1989. The DFA builds on two existing Federal Reserve Board statistical products --- quarterly aggregate measures of household wealth from the Financial Accounts of the United States, and triennial wealth distribution measures from the Survey of Consumer Finances --- to incorporate distributional information into a national accounting framework. The DFA complements other sources by generating distributional statistics that are consistent with macro aggregates by providing quarterly data on a timely basis, and by constructing wealth distributions across demographic characteristics. We encourage policymakers, research...