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Household Portfolios in the United States
Open accessAbstract
This paper investigates the composition of households' assets and liabilities in the United States. Using aggregate and survey data, we document major trends in household portfolios in the past 15 years. We show that, despite the broad array of financial products available, the portfolio of the typical household remains fairly simple and safe, consisting of a checking account, savings account, and tax-deferred retirement account; in 1998, less than half of all households owned some form of stock. We use pooled data from the Survey of Consumer Finances to investigate determinants of portfolio choice, finding significant effects of age, wealth, income risk, and entry/information costs.
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Cited by
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2007) · Journal of Political Economy · doi:10.1086/524204 · Cited by 992
Household Finance: An Emerging Field
Guiso, L., & Sodini, P. (2013) · Handbook of the Economics of Finance · doi:10.1016/b978-0-44-459406-8.00021-4 · Cited by 437
The Distribution of Wealth and Fiscal Policy in Economies With Finitely Lived Agents
(2011) · Econometrica · doi:10.3982/ecta8416 · Cited by 422
Fight or Flight? Portfolio Rebalancing by Individual Investors
Calvet, L., Campbell, J., & Sodini, P. (2008) · National Bureau of Economic Research · doi:10.3386/w14177 · Cited by 409
Down or Out: Assessing the Welfare Costs of Household Investment Mistakes
Calvet, L. E., Campbell, J. Y., & Sodini, P. (2006) · SSRN Electronic Journal · doi:10.2139/ssrn.881768 · Cited by 355
Metadata
- Authors
- Bertaut, C. C., & Starr-McCluer, M.
- Venue
- Finance and Economics Discussion Series
- Published
- 2000-05
- Volume
- 2000.0
- Issue
- 26
- Pages
- 1-41
- ISSN
- 1936-2854 (ISSN-L)
- OpenAlex
- W2168657798
- Cited by
- 222
- References
- 0
- FWCI
- 31.82
- Type
- journal article
- Language
- en
- Open access
- hybrid
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
