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Impact of the Great Recession and Beyond: Disparities in Wealth Building by Generation and Race

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Document date: April 22, 2014
Released online: April 22, 2014

This paper uses over two decades of Survey of Consumer Finances data and a pseudo-panel technique to measure the impact of the Great Recession on wealth relative to the counterfactual of what wealth would have been given wealth accumulation trajectories. Our regression-adjusted synthetic cohort-level models find that the Great Recession reduced the wealth of American families by 28.5 percentā??nearly double the magnitude of previous pre-post mean descriptive estimates and double the magnitude of any previous recession since the 1980s. The housing market was only part of the story; all major wealth components fell as a result of the Great Recession.

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Journal Article (leaving the UI web site)



Topics/Tags: | Economy/Taxes | Poverty, Assets and Safety Net | Race/Ethnicity/Gender


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