Housing and Spatial Issues in Economics
Saturday, Jan. 7, 2017 10:15 AM – 12:15 PM
Sheraton Grand Chicago, Grant Park
- Chair: Farhad Niami, DC Office of the Chief Financial Officer
Driving Past Commuting Zones: Re-Examining Local Labor Market Definitions
AbstractThis paper evaluates the suitability of defining a local labor market based on commuting patterns for a variety of applications, not all of which are commuting-related. In particular, we revisit the Commuting Zone definitions (Tolbert and Sizer, 1996), and extend the concept to other criteria of connectedness of counties. We also show that the underlying uncertainty in commuting flows is not reflected in the typical analysis that uses the pre-computed commuting zones, and show how this affects empirical estimates using commuting zones. We provide guidance to remedy these issues. Finally, we propose a data-driven method to select the optimal set of local labor markets, using a variety of metrics, including commuting patterns, wages, and labor market flows. We compare our method to other candidate methods in the literature, and show that it is competitive with these definitions.
Where the Wealth Is: The Geographic Distribution of Wealth in the United States
AbstractHousehold net worth, or wealth, is known to exhibit a highly skewed distribution. Estimates of wealth concentration show that the top 0.1 percent of families held 22 percent of the wealth owned by U.S. households in 2012 (Saez and Zucman, 2014). However, household wealth is a difficult concept to measure. In order to create estimates of net worth for different areas and groups that are comparable across the country, we need a data source that is comparable across the nation and has enough data to measure the many components of net worth.
New research being undertaken at the Census Bureau combines information from the Survey of Income and Program Participation (SIPP), and the American Community Survey (ACS) to create wealth estimates for smaller geographies and smaller populations than were previously available. The SIPP is nationally representative and has rich and detailed information on wealth, while the ACS has more limited information on wealth but has a very rich sample with a diversity of geographic areas represented. This paper presents preliminary estimates of wealth and inequality at sub-national levels from the ACS, and seeks to validate and improve the estimation.
Federal Reserve Bank of Richmond
U.S. Bureau of Economic Analysis
Federal Reserve Bank of Dallas
- H0 - General
- R0 - General