seminars and conferences. The views in this paper represent those of the authors and are not those of either the Federal Reserve Bank of Atlanta or the Federal Reserve System. They acknowledge financial support from the European Research Council EUROEMP Advanced Grant (#323940) administered by the University of Cyprus. This paper is a revision of Federal Reserve Bank of Atlanta working paper no. 2017-8.
{"title":"Taxes, Subsidies, and Gender Gaps in Hours and Wages","authors":"Robert Duval-Hernández, Lei Fang, Rachel Ngai","doi":"10.29338/wp2021-17","DOIUrl":"https://doi.org/10.29338/wp2021-17","url":null,"abstract":"seminars and conferences. The views in this paper represent those of the authors and are not those of either the Federal Reserve Bank of Atlanta or the Federal Reserve System. They acknowledge financial support from the European Research Council EUROEMP Advanced Grant (#323940) administered by the University of Cyprus. This paper is a revision of Federal Reserve Bank of Atlanta working paper no. 2017-8.","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130485943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using a novel database of domestic financial reforms in 90 countries from 1973 to 2014, we document that global financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed down after 2000. We estimate a learning model that explains these dynamics. Policymakers updated their beliefs about the growth effects of financial reforms by learning from their own and other countries' experiences. Positive growth surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of financial liberalization in the 1990s. The 2008 financial crisis, however, caused significant belief reversals.
{"title":"The S-curve: Understanding the Dynamics of Worldwide Financial Liberalization","authors":"Nan Li, C. Papageorgiou, Tong Xu, T. Zha","doi":"10.3386/W28994","DOIUrl":"https://doi.org/10.3386/W28994","url":null,"abstract":"Using a novel database of domestic financial reforms in 90 countries from 1973 to 2014, we document that global financial liberalization followed an S-curve path: reforms were slow and gradual in early periods, accelerated during the 1990s, and slowed down after 2000. We estimate a learning model that explains these dynamics. Policymakers updated their beliefs about the growth effects of financial reforms by learning from their own and other countries' experiences. Positive growth surprises in advanced economies helped accelerate belief updating worldwide, leading to the global wave of financial liberalization in the 1990s. The 2008 financial crisis, however, caused significant belief reversals.","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123047861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper calculates the change in optimal labor supply and total family welfare resulting from the Tax Cuts and Jobs Act of 2017 (TCJA). We estimate labor supply elasticities for married families in the Current Population Survey from 2015 to 2017, using a joint family utility model. These elasticities are then used to simulate changes in optimal labor supply and resulting change in welfare among families with different characteristics under the new TCJA tax code. We find that optimal hours are lower post-TCJA, relative to before. However, there are differences across family members and family types. Both men’s and women’s optimal hours decline with income starting in the second quintile, but the decline is more dramatic for men. Overall, all families’ welfare increased post-TCJA, with the gains in welfare disproportionately benefiting the wealthy; families with any self-employment income; families with children; and families renting, versus owning, their home. JEL classification: I30, J22, D19
{"title":"Impact of the 2017 Tax Cuts and Jobs Act on Labor Supply and Welfare of Married Households","authors":"J. Hotchkiss, R. Moore, F. Ríos‐Avila","doi":"10.29338/wp2021-18","DOIUrl":"https://doi.org/10.29338/wp2021-18","url":null,"abstract":"This paper calculates the change in optimal labor supply and total family welfare resulting from the Tax Cuts and Jobs Act of 2017 (TCJA). We estimate labor supply elasticities for married families in the Current Population Survey from 2015 to 2017, using a joint family utility model. These elasticities are then used to simulate changes in optimal labor supply and resulting change in welfare among families with different characteristics under the new TCJA tax code. We find that optimal hours are lower post-TCJA, relative to before. However, there are differences across family members and family types. Both men’s and women’s optimal hours decline with income starting in the second quintile, but the decline is more dramatic for men. Overall, all families’ welfare increased post-TCJA, with the gains in welfare disproportionately benefiting the wealthy; families with any self-employment income; families with children; and families renting, versus owning, their home. JEL classification: I30, J22, D19","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130398038","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper we develop a novel method to project location-specific life-cycle wages for all occupations listed in the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. Our method consists of two steps. In the first step, we use individual-level data from the Current Population Survey to estimate the average number of years of potential labor market experience that is associated with each percentile of the education-level specific wage distribution. In the second step, we map this estimated average years of experience to the wage-level percentiles reported in the Occupational Employment and Wage Statistics data for each occupation and area. Finally, we develop a model capable of projecting the trajectory of wages across all possible years of experience for each occupation. JEL classification: J31
{"title":"Estimating Occupation- and Location-Specific Wages over the Life Cycle","authors":"E. Ilin, Ellyn Terry","doi":"10.29338/WP2021-15","DOIUrl":"https://doi.org/10.29338/WP2021-15","url":null,"abstract":"In this paper we develop a novel method to project location-specific life-cycle wages for all occupations listed in the Occupational Outlook Handbook from the U.S. Bureau of Labor Statistics. Our method consists of two steps. In the first step, we use individual-level data from the Current Population Survey to estimate the average number of years of potential labor market experience that is associated with each percentile of the education-level specific wage distribution. In the second step, we map this estimated average years of experience to the wage-level percentiles reported in the Occupational Employment and Wage Statistics data for each occupation and area. Finally, we develop a model capable of projecting the trajectory of wages across all possible years of experience for each occupation. JEL classification: J31","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"187 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126789226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andy Bernard, Emily Blanchard, Toni Braun, Albert Carreras, Thomas Chaney, K. Cosar, K. Desmet, C. Edmond, P. Fève, James D. Feyrer, S. Ganapati, C. Hellwig, Rob Johnson, B. Kovak, T. Lee, T. Mayer, Rory McGee, Martí Mestieri, Nina Pavcnik, F. Portier, B. Ravikumar, Vincent Rebeyrol, J. Rubio-Ramirez, Mohammed Saleh, Chris Snyder, F. D. Soyres, Bob Staiger, R. Ulbricht, Nikolaus Wolf, S. Fuchs
How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces experienced drastic increases in wages and consumer prices. Embedding imperfect labor mobility in an economic geography model, I show that external demand shocks can improve allocative efficiency, but asymmetric shocks cause localized increases in wages and consumer prices instead of reallocation. Adjusting an aggregate gains of trade formula to take domestic reallocation into account more than triples the estimated welfare effects. JEL classification: D5, F11, F12, F15, F16, N9, N14, R12, R13
{"title":"Spoils of War: Trade Shocks and Segmented Labor Markets in Spain during WWI","authors":"Andy Bernard, Emily Blanchard, Toni Braun, Albert Carreras, Thomas Chaney, K. Cosar, K. Desmet, C. Edmond, P. Fève, James D. Feyrer, S. Ganapati, C. Hellwig, Rob Johnson, B. Kovak, T. Lee, T. Mayer, Rory McGee, Martí Mestieri, Nina Pavcnik, F. Portier, B. Ravikumar, Vincent Rebeyrol, J. Rubio-Ramirez, Mohammed Saleh, Chris Snyder, F. D. Soyres, Bob Staiger, R. Ulbricht, Nikolaus Wolf, S. Fuchs","doi":"10.29338/WP2021-14","DOIUrl":"https://doi.org/10.29338/WP2021-14","url":null,"abstract":"How does intranational factor mobility shape the welfare effects of a trade shock? I provide evidence that during WWI, a demand shock emanated from belligerent countries and affected neutral Spain. Within Spain, labor predominantly reallocated locally, while the most affected provinces experienced drastic increases in wages and consumer prices. Embedding imperfect labor mobility in an economic geography model, I show that external demand shocks can improve allocative efficiency, but asymmetric shocks cause localized increases in wages and consumer prices instead of reallocation. Adjusting an aggregate gains of trade formula to take domestic reallocation into account more than triples the estimated welfare effects. JEL classification: D5, F11, F12, F15, F16, N9, N14, R12, R13","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-05-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124520924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We rely on the Atlanta Fed’s Business Inflation Expectations survey to draw inference about firms’ inflation perceptions, expectations, and uncertainty through the lens of firms’ unit (marginal) costs. Using methods grounded in the survey literature, we find evidence that the concept of “aggregate inflation” as measured through price statistics like the consumer price index hold very little relevance for business decision makers. This lack of relevance manifests itself through experiments (including randomized controlled trials) that show how researchers word questions to elicit inflation expectations and perceptions significantly changes firms’ responses. Our results suggest firms have become rationally ignorant of the concept of inflation in a low-inflation environment. Instead, we find that unit (marginal) costs are the relevant lens with which to capture firms’ views on the nominal side of the economy. We then investigate both firm-level (micro) and aggregated (macro) probabilistic unit cost expectations. On a firm level, unit costs are an important determinant of firms’ price-setting behavior. Aggregating across firms’ beliefs, firms’ unit cost perceptions strongly comove with official aggregate price statistics, and, importantly, firms’ expectations for the nominal side of the economy have little in common with the “prices in general” expectations of households. Rather, firms’ aggregated beliefs strongly covary with the inflation expectations of professional forecasters and market participants. JEL classification: E31, E52
{"title":"Unit Cost Expectations and Uncertainty: Firms' Perspectives on Inflation","authors":"Brent H. Meyer, Nicholas B. Parker, X. Sheng","doi":"10.29338/WP2021-12","DOIUrl":"https://doi.org/10.29338/WP2021-12","url":null,"abstract":"We rely on the Atlanta Fed’s Business Inflation Expectations survey to draw inference about firms’ inflation perceptions, expectations, and uncertainty through the lens of firms’ unit (marginal) costs. Using methods grounded in the survey literature, we find evidence that the concept of “aggregate inflation” as measured through price statistics like the consumer price index hold very little relevance for business decision makers. This lack of relevance manifests itself through experiments (including randomized controlled trials) that show how researchers word questions to elicit inflation expectations and perceptions significantly changes firms’ responses. Our results suggest firms have become rationally ignorant of the concept of inflation in a low-inflation environment. Instead, we find that unit (marginal) costs are the relevant lens with which to capture firms’ views on the nominal side of the economy. We then investigate both firm-level (micro) and aggregated (macro) probabilistic unit cost expectations. On a firm level, unit costs are an important determinant of firms’ price-setting behavior. Aggregating across firms’ beliefs, firms’ unit cost perceptions strongly comove with official aggregate price statistics, and, importantly, firms’ expectations for the nominal side of the economy have little in common with the “prices in general” expectations of households. Rather, firms’ aggregated beliefs strongly covary with the inflation expectations of professional forecasters and market participants. JEL classification: E31, E52","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"118 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128181803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pierre-Olivier Gourinchas, S. Kalemli‐Ozcan, Veronika Penciakova, N. Sander
This paper assesses the prospects of a 2021 time bomb in small and medium-sized enterprises (SME) failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 time bomb for SMEs. Rather, business failures and policy costs remain modest. By contrast, credit contraction poses significant risk. Such a contraction would disproportionately affect firms that could have survived COVID-19 in 2020 without any fiscal support. Even in that scenario, most business failures would not arise from excessively generous 2020 policies but rather from the contraction of credit to the corporate sector.
{"title":"COVID-19 and SMEs: A 2021","authors":"Pierre-Olivier Gourinchas, S. Kalemli‐Ozcan, Veronika Penciakova, N. Sander","doi":"10.29338/wp2021-06","DOIUrl":"https://doi.org/10.29338/wp2021-06","url":null,"abstract":"This paper assesses the prospects of a 2021 time bomb in small and medium-sized enterprises (SME) failures triggered by the generous support policies enacted during the 2020 COVID-19 crisis. Policies implemented in 2020, on their own, do not create a 2021 time bomb for SMEs. Rather, business failures and policy costs remain modest. By contrast, credit contraction poses significant risk. Such a contraction would disproportionately affect firms that could have survived COVID-19 in 2020 without any fiscal support. Even in that scenario, most business failures would not arise from excessively generous 2020 policies but rather from the contraction of credit to the corporate sector.","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"2261 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127473885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We document large differences between the United States and France in allocations of consumption expenditures and time by age. Using a life-cycle model, we quantify to what extent tax and transfer programs and market and home productivity can account for the differences. We find that while labor efficiency by age and home-production productivity are crucial in accounting for the differences in the allocation of time, the consumption tax and social security are more important regarding allocation of expenditures. Adopting the US consumption tax decreases welfare in France, and adopting the US social security system increases welfare in France. JEL classification: E21, E62, J22, O57, H31
{"title":"Consumption and Hours between the United States and France","authors":"Lei Fang, Fang Yang","doi":"10.29338/WP2021-07","DOIUrl":"https://doi.org/10.29338/WP2021-07","url":null,"abstract":"We document large differences between the United States and France in allocations of consumption expenditures and time by age. Using a life-cycle model, we quantify to what extent tax and transfer programs and market and home productivity can account for the differences. We find that while labor efficiency by age and home-production productivity are crucial in accounting for the differences in the allocation of time, the consumption tax and social security are more important regarding allocation of expenditures. Adopting the US consumption tax decreases welfare in France, and adopting the US social security system increases welfare in France. JEL classification: E21, E62, J22, O57, H31","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129962795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Health and earnings are positively correlated and this is for several reasons. First, individuals who are in poor health are significantly less likely to work than healthy individuals. Second, conditional on working, individuals in poor health work fewer hours on average. Third, individuals in poor health earn lower wages on average. We document these facts using an objective measure of health called a frailty index which we construct for PSID respondents. The frailty index measures the fraction of observable health deficits an individual has. In previous work, we documented that health, as measured by the frailty index, deteriorates more rapidly and has a larger increase in dispersion with age than self-reported health. It is also more persistent over the life-cycle. These facts put together suggest that health inequality over the life cycle may be an important driver of lifetime earnings inequality. To assess this claim we develop a model of the joint dynamics of health and earnings over the life cycle. Individuals in the model face health, earnings and unemployment risk, and optimally choose labor supply on both the intensive and extensive margin. Agents are partially insured against these risks through government-run unemployment and disability insurance programs. We give agents in the model a dynamic process for frailty (health) that is estimated using the PSID data. Because of selection concerns, agents' productivity processes, including the contribution of frailty to productivity, are estimated using the model and a method of moments estimation. Targeted moments are constructed off distributions of wages, hours, and participation by frailty and age. These distributions are obtained from an auxiliary simulation model that is estimated using PSID data. We find that health inequality can account for a significant share of the variation in lifetime earnings among 70 year-olds. Most of this effect is due to the fact that unhealthy individuals exit the labor force at much younger ages than healthy ones. We find that health inequality has a larger impact on earnings inequality than previous literature for two reason. One, our model is the first in this literature that allows health to impact earnings through all three margins: participation, hours, and wages (productivity). Two, previous literature measured health using self-reported health status and thus understated the extent to with health deteriorates with age for some individuals.
{"title":"How Important Is Health Inequality for Lifetime Earnings Inequality?","authors":"R. Hosseini, K. Zhao, K. Kopecky","doi":"10.29338/wp2021-01","DOIUrl":"https://doi.org/10.29338/wp2021-01","url":null,"abstract":"Health and earnings are positively correlated and this is for several reasons. First, individuals who are in poor health are significantly less likely to work than healthy individuals. Second, conditional on working, individuals in poor health work fewer hours on average. Third, individuals in poor health earn lower wages on average. We document these facts using an objective measure of health called a frailty index which we construct for PSID respondents. The frailty index measures the fraction of observable health deficits an individual has. In previous work, we documented that health, as measured by the frailty index, deteriorates more rapidly and has a larger increase in dispersion with age than self-reported health. It is also more persistent over the life-cycle. These facts put together suggest that health inequality over the life cycle may be an important driver of lifetime earnings inequality. To assess this claim we develop a model of the joint dynamics of health and earnings over the life cycle. Individuals in the model face health, earnings and unemployment risk, and optimally choose labor supply on both the intensive and extensive margin. Agents are partially insured against these risks through government-run unemployment and disability insurance programs. We give agents in the model a dynamic process for frailty (health) that is estimated using the PSID data. Because of selection concerns, agents' productivity processes, including the contribution of frailty to productivity, are estimated using the model and a method of moments estimation. Targeted moments are constructed off distributions of wages, hours, and participation by frailty and age. These distributions are obtained from an auxiliary simulation model that is estimated using PSID data. We find that health inequality can account for a significant share of the variation in lifetime earnings among 70 year-olds. Most of this effect is due to the fact that unhealthy individuals exit the labor force at much younger ages than healthy ones. We find that health inequality has a larger impact on earnings inequality than previous literature for two reason. One, our model is the first in this literature that allows health to impact earnings through all three margins: participation, hours, and wages (productivity). Two, previous literature measured health using self-reported health status and thus understated the extent to with health deteriorates with age for some individuals.","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"89 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115946356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article develops a two-stage statistical analysis to identify and assess the effect of a sample bias associated with an individual’s household role. Survey responses to questions about the respondent’s role in household finances and a sampling design in which some households have all members take the survey enable the estimation of distributions for each individual’s share of household responsibility. The methodology is applied to the 2017 Survey of Consumer Payment Choice. The distribution of responsibility shares among survey respondents suggests that the sampling procedure favors household members with higher levels of responsibility. A bootstrap analysis reveals that population mean estimates of monthly payment instrument use that do not account for this type of sample misrepresentation are likely biased for instruments often used to make household purchases. For checks and electronic payments, our analysis suggests that it is likely that unadjusted estimates overstate true values by 10–20 percent.
{"title":"Sample Bias Related to Household Role","authors":"M. Hitczenko","doi":"10.1093/jssam/smaa001","DOIUrl":"https://doi.org/10.1093/jssam/smaa001","url":null,"abstract":"\u0000 This article develops a two-stage statistical analysis to identify and assess the effect of a sample bias associated with an individual’s household role. Survey responses to questions about the respondent’s role in household finances and a sampling design in which some households have all members take the survey enable the estimation of distributions for each individual’s share of household responsibility. The methodology is applied to the 2017 Survey of Consumer Payment Choice. The distribution of responsibility shares among survey respondents suggests that the sampling procedure favors household members with higher levels of responsibility. A bootstrap analysis reveals that population mean estimates of monthly payment instrument use that do not account for this type of sample misrepresentation are likely biased for instruments often used to make household purchases. For checks and electronic payments, our analysis suggests that it is likely that unadjusted estimates overstate true values by 10–20 percent.","PeriodicalId":296984,"journal":{"name":"Federal Reserve Bank of Atlanta, Working Papers","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133917836","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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