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Integrated Household Surveys: An Assessment of U.S. Methods and an Innovation
Krislert Samphantharak1, Scott Schuh1, Robert M Townsend1
1Krislert Samphantharak is an associate professor of economics at the School of Global Policy & Strategy, University of California at San Diego. Scott Schuh is the Director of the Consumer Payments Research Center in the Research Department at the Federal Reserve Bank of Boston and a senior economist and policy advisor. Robert M. Townsend is the Elizabeth & James Killian Professor of Economics at MIT and a visiting scholar in the Center.
Abstract:
We present a vision for improving household financial surveys by integrating responses from questionnaires more completely with financial statements and combining them with payments data from diaries. Integrated household financial accounts-balance sheet, income statement, and statement of cash flows-are used to assess the degree of integration in leading U.S. household surveys, focusing on inconsistencies in measures of the change in cash. Diaries of consumer payment choice can improve dynamic integration. Using payments data, we construct a statement of liquidity flows: a detailed analysis of currency, checking accounts, prepaid cards, credit cards, and other payment instruments, consistent with conventional cash-flows measures and the other financial accounts.
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