Asset poverty in the United States, 1984-99: Evidence from the panel study of income dynamics

Asena Caner, Edward N. Wolff

    Research output: Contribution to journalReview article

    Abstract

    Using PSID data for the years 1984-99, we estimate the level and severity of asset poverty. We find that despite a sharp decline in the official poverty rate, the asset poverty rate barely budged over this period. Moreover, the severity of asset poverty increased during this period. The likelihood of being asset-poor decreased for those who are college graduates or married with children, whereas it increased for those who are white, for the unmarried elderly, and for those without a college degree. Lifetime events such as changes in job market, marital and homeownership status are correlated with transitions into and out of asset poverty.

    Original languageEnglish (US)
    Pages (from-to)493-518
    Number of pages26
    JournalReview of Income and Wealth
    Volume50
    Issue number4
    DOIs
    StatePublished - Dec 2004

    ASJC Scopus subject areas

    • Economics and Econometrics

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