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 having an integrated micro-macro framework where consumption, income and wealth can be analysed.
Current researchers linking macro and micro information for the households have focused so far on income and consumption as these are the areas where most data sources are available. The purpose of this article is to extend the focus to household wealth using both household survey data and national financial accounts. The article also aims to create a first set of macroeconomic accounts that include wealth broken down by household groups.
Kavonius, Ilja Kristian and Honkkila, Juha
"Reconciling Micro and Macro Data on Household Wealth: A Test Based on Three Euro Area Countries,"
Journal of Economic and Social Policy:
2, Article 3.
Available at: http://epubs.scu.edu.au/jesp/vol15/iss2/3