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An Integrated System of U.S. Household Income, Wealth, and Consumption Data and Statistics to Inform Policy and Research

The National Academies of Sciences, Engineering, and Medicine's Committee on National Statistics (CNSTAT) will appoint an ad hoc panel to (1) review the major income, consumption, and wealth statistics currently produced by U.S. statistical agencies, and (2) provide guidance for modernizing the information to better inform policy and research. As part of its review, the panel may consider such issues as:
o appropriate definitions of household, family, and  individual income, consumption, and wealth; variations in definitions that would be useful for particular purposes ; and comparability with commonly used international concepts;
o the treatment of and method(s) used to value in-kind benefits and services (and retirement income and plan contributions);
o population groups for which separate estimates are needed and feasible;
o the level of geographic granularity and frequency of estimates that are needed and feasible;
o needed quality improvements for relevant cross-sectional and longitudinal data collection programs;
o the potential for using multiple data sources, including surveys, administrative records, commercial data, and modeling, to produce integrated, highest-quality estimates; and
o legal, administrative, and other barriers to an integrated system.
The panel’s final report will provide conclusions and recommendations regarding the relevance, accuracy, timeliness, geographic and population detail, and consistency of statistics on income, consumption and wealth, and the development of an integrated system of these statistics.
The study will be carried out by a committee of approximately 12-14 volunteer: statisticians; survey methodologists; economists; technical and policy experts in income, consumption, and wealth measurement for households, families, and individuals
The National Academies are committed to enhancing diversity and inclusion in order to strengthen the quality of our work. Diverse perspectives contribute to finding innovative approaches and solutions to challenging issues. We encourage the nomination of volunteers who reflect the populations we serve and also welcome in particular nominations of candidates from underrepresented racial and ethnic groups, women, and early- and mid-career professionals.

We invite you to submit nominations for committee members and/or reviewers for this study by January 31, 2022 at https://survey.alchemer.com/s3/6701125/An-Integrated-System-of-U-S-Household-Income-Wealth-and-Consumption-Data-and-Statistics-to-Inform-Policy-and-Research

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