Micro and Macro Analysis on Household Income, Wealth and Saving in the Euro Area

42 Pages Posted: 30 Nov 2013

See all articles by Juha Honkkila

Juha Honkkila

European Central Bank (ECB)

Ilja Kristian Kavonius

European Central Bank; Centre for Consumer Society Research, University of Helsinki

Date Written: November 22, 2013

Abstract

The report on the Measurement of Economic Performance and Social Progress by Stiglitz, Sen and Fitoussi concludes that in the measurement of household welfare all material components should be covered, i.e. consumption, income and wealth, from both the micro as well as the macro perspective. Additionally, several other initiatives like the G20 finance ministers’ and central bank governors’ data gap initiative have emphasised to have an integrated micro-macro framework where consumption, income and wealth can be analysed. Current researches linking macro and micro information for the households have focused on income and consumption as these are the areas where most data sources are available. This paper extends the focus to household wealth using both survey data and financial accounts. It builds a link between wealth survey and national accounts’ income concepts. This paper aims to create a first set of macroeconomic accounts that include wealth broken down by household groups.

Keywords: wealth, financial accounts, wealth survey, balance sheets, households

JEL Classification: D30, D31, E01, E21

Suggested Citation

Honkkila, Juha and Kavonius, Ilja Kristian, Micro and Macro Analysis on Household Income, Wealth and Saving in the Euro Area (November 22, 2013). ECB Working Paper No. 1619. Available at SSRN: https://ssrn.com/abstract=2358467

Juha Honkkila (Contact Author)

European Central Bank (ECB) ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany

Ilja Kristian Kavonius

European Central Bank ( email )

Sonnemannstrasse 22
Frankfurt am Main, 60314
Germany
+49-13448417 (Phone)

HOME PAGE: http://www.ecb.europa.eu/pub/research/authors/profiles/ilja-kristian-kavonius.en.html

Centre for Consumer Society Research, University of Helsinki ( email )

Finland

HOME PAGE: http://tuhat.helsinki.fi/portal/en/person/ikavoniu

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