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Managing or Muddling Money in the PSID Frank Stafford National Data Sets Workshop April 9, 2008. Some Uses of the PSID. Repeated Cross Sections (LTV’s in the pre-Subprime) Panel and Repeated Panel (Subprime Crisis; 1989-1995 v 1999-2005)
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Managing or Muddling Money in the PSIDFrank Stafford National Data Sets WorkshopApril 9, 2008
Some Uses of the PSID • Repeated Cross Sections (LTV’s in the pre-Subprime) • Panel and Repeated Panel (Subprime Crisis; 1989-1995 v 1999-2005) • Long Life Course (early health effects, persistent mismanagement of $) • Intergenerational (A point in time, year matching, life course matching, pensions of Baby Boomers and their dads)
Some Uses of the PSID • Repeated Cross Sections (Wages, 1980-2005 for men and women) Role of dual earners • Asset Holdings African-American subprime Crisis; 1989-1995 v 1999-2005) • Pensions of Hispanics, African Americans • Intergenerational (A point in time, CDS/TA, year matching, life course matching)
New Measures • Time Diary (in CDS and pilot in Elderly Couples) • Health; early childhood health calendar • Psychological and Individually Based (K-6, rushed) • Dynastic, smoothing section
YOU CAN SOON BUYCalendar and Time Diary Methods in Life Course Researchfeaturing Hurd-Rohwedder, Belli-Stafford, Kahneman-Schwarz, Wil Dijkstra, Arthur Stone, Brian Rowan,David Almeida, Mieko Yoshihama, Polly Phipps, and othersForthcoming mid 2008
EHC METHODS • Provides structure of timelines and domain themes that reflect the structure of autobiographical memory • Facilitates the use of three memory retrieval mechanisms to more completely and accurately reconstruct the past • Top-down associations • Sequential associations • Parallel associations • Allows the use of a more naturalistic narrative approach to remembering • Encourages motivation to remember as the inherent cueing mechanisms lends retrieval to be more productive
LIFE COURSE PILOT • Retrospective and panel agreement • With number of lifetime marriages excellent in both conditions (EHC kappa = .84, Q-L k = .92, z = -2.22) • EHC slightly underreported • 6.1% to 0.3% for CQ • With number of years in cohabitations • Approximately 80% of Rs in both conditions exactly matched • No tendency to over- or under-report in either condition • EHC led to significantly stronger correlation (r = .54) with panel reports in comparison to CQ (r = .15) • With number of years unemployed • Poor agreement; levels of underreporting equally high in both conditions • EHC: 60.2%; CQ: 58.1% • EHC led to a significantly stronger correlation (r = .34) with panel reports in comparison to CQ (r = .17)
PSID Childhood Health Calendar • Appears to work with no major field and interviewing problems • Data from CHC aligns with cross sectional disease patterns (e.g. measles, polio) • In principle can recover overlapping conditions and health occurrences • Early life events help recall (family changes)
CDS-TA Learning How to Implement a More Complete Life Course The adult children revolution, 1968 v 2007 Following CDS II and III to age 18-25+ TA Has Been Successful 2005, 2007 (pre- Split off data – very extensive) Dual Mode – OFUM/TA, HEAD+WIFE/TA
RESEARCH FUNCTIONALITY • On-Line Data Center (DC) • ‘Student’ Tutorials • Family Identification Mapping Systems • (FIMS = ID mapfiles) and IG Tutorial (#6) • On line cross year index and codebooks • Major DC restructuring in 2005 (again!) • New Editsystem to expedite processing • (‘You can impute anything’… F.T. Juster) • Unfolding brackets – but low use (good)
LCAA of The Elderly(Campbell Viciera) • Stock holdings x age x era • Business equity x age x era • Leveraged mortgages? • Cash flow speculators? • Rich enough to take risks?
Income to Census Needs Standard of the Third Age (65-79), Then (86) and Now (01) By Self-reported Health Status
SPECIAL FILES • Geospatial • Date of Death • Cause of Death (NDI) • State and ‘Beale’ on Data Center (public files) • CCD Files 2002/03 CDS and 1997 • Most data are on line at psidonline.org