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ABSTRACTPrevious studies of real wage cyclicality have made only sparing use of the micro‐data detail that is available in the Panel Study of Income Dynamics (PSID). The present paper brings to bear this additional detail to investigate the robustness of the previous results and to examine whether there are important cross‐sectional and demographic differences in wage cyclicality. Although real wages were procyclical across the entire distribution of workers from 1967 to 1991, the wages of lower‐income, younger, and less‐educated workers exhibited greater procyclicality. However, workers' straight‐time hourly pay rates have been acyclical, suggesting that more variable pay margins such as bonuses, overtime, late shift premia, and commissions have played a substantial if not primary role in generating procyclicality.

The Panel Study of Income Dynamics (PSID) has, over its 50-year history, proven to be a useful source of data for research on virtually all the major topics in the area of social gerontology. This usefulness reflects three of the leading features of the PSID: its longitudinality; its content; and its tracking rules, which permit users to develop family-based and generationally linked measures. This article summarizes key areas of survey content, including both routinely collected data and several one-time or occasional supplements to the routine items. The article also illustrates how these data elements have been used, providing examples of published papers in several areas of social gerontology. Finally, the article points out some methodological issues associated with the PSID design; these methodological issues arise, in varying degrees, in longitudinal studies other than the PSID, and should be acknowledged by both the producers and consumers of longitudinal-data research.

This article reviews how the Panel Study of Income Dynamics (PSID) has contributed to our understanding of the links between childhood economic conditions—in particular, the household incomes with very young children—and the economic attainment and health of those children when they reach adulthood. From its beginning, the PSID has provided data useful for addressing intergenerational questions. In the mid-1990s, PSID data supported a series of studies that link early childhood income to early adult attainments, particularly to completed schooling. At the same time, discoveries in neurobiology and epidemiology were beginning to provide details on the processes producing the observed correlations. These discoveries led to a more recent set of PSID-based studies that focus not only on labor market and behavioral outcomes, but also on links between income in the earliest stages of life (including the prenatal period) and adult health. Links between economic disadvantage in childhood and adult health, and the developmental neuroscience underlying those links, are promising areas for future research.

The Panel Study of Income Dynamics (PSID) is the world's longest running household panel survey. Since it began in 1968, it has collected data on the same families and their descendants, making it an essential part of America's data infrastructure for empirically based social science research. The PSID arose from the War on Poverty as a tool for evaluating poverty dynamics, and this year (2018) marks 50 years of data collection. Because of its long history and distinctive design of following adult children as they form their own households, the PSID is uniquely positioned to address emerging social and behavioral research questions and related policy issues. This overview presents the design and structural aspects and its evolution over the past 50 years, the successes of the current survey, possible future directions, and the value of using the PSID to understand the challenges facing American families.

Abstract There has recently been a great deal of interest in the question of whether job stability has declined in the United States. However, a satisfactory answer to this question has not been agreed upon. In this article, data from the Panel Study of Income Dynamics (PSID) are examined to bring new evidence to bear on the subject of job stability trends. Using these data, job retention rates for various groups of workers between 1976 and 1992 are calculated. Then, a series of models that relate individual and economic factors to job retention over this period are estimated. These analyses suggest a general but mild decline in job stability during the period. However, trends in job stability vary dramatically across different groups of workers. Most clearly, job stability fell precipitously for black men and fell for men who were high‐school dropouts or who has completed some college.

The US Panel Study of Income Dynamics (PSID) celebrated its 50th anniversary in 2018. Initially designed to assess the nation's progress in combatting poverty, PSID's scope broadened quickly to a variety of topics and fields of inquiry. To date, sociologists are the second-most frequent users of PSID data after economists. Here, we describe the ways in which PSID's history reflects shifts in social science scholarship and funding priorities over half a century; take stock of the most important sociological breakthroughs it facilitated, in particular those relying on the longitudinal structure of the data; and critically assess the unique advantages and limitations of PSID and surveys like it for today's sociological scholarship.

AbstractUsing a sequence of questions from the 1996 US Panel Study of Income Dynamics (PSID), we explore the implications of interpersonal differences in parent's attitudes towards risk for the academic test scores of their children focusing on information drawn from the 1997 Child Development Supplement of the PSID. In addition, we explore whether parental risk preference influences whether the child subsequently attends college. Our findings suggest that a parent's degree of risk aversion is inversely related to the academic test scores of their children as well as being inversely related to the probability of attending college post high school.

Abstract
Multiple imputation (MI) is a popular and well-established method for handling missing data in multivariate data sets, but its practicality for use in massive and complex data sets has been questioned. One such data set is the Panel Study of Income Dynamics (PSID), a longstanding and extensive survey of household income and wealth in the United States. Missing data for this survey are currently handled using traditional hot deck methods because of the simple implementation; however, the univariate hot deck results in large random wealth fluctuations. MI is effective but faced with operational challenges. We use a sequential regression/chained-equation approach, using the software IVEware, to multiply impute cross-sectional wealth data in the 2013 PSID, and compare analyses of the resulting imputed data with those from the current hot deck approach. Practical difficulties, such as non-normally distributed variables, skip patterns, categorical variables with many levels, and multicollinearity, are described together with our approaches to overcoming them. We evaluate the imputation quality and validity with internal diagnostics and external benchmarking data. MI produces improvements over the existing hot deck approach by helping preserve correlation structures, such as the associations between PSID wealth components and the relationships between the household net worth and sociodemographic factors, and facilitates completed data analyses with general purposes. MI incorporates highly predictive covariates into imputation models and increases efficiency. We recommend the practical implementation of MI and expect greater gains when the fraction of missing information is large.

Offers personal reflections on the origins & development of the Panel Study of Income Dynamics (PSID) since the author's initial involvement with it as a graduate student in 1972. The origins of the project in then-President Lyndon Johnson's "War of Poverty" & its growth as one of the main instruments used to assess the economic health of the nation's households are chronicled. Stages in the processes of goal setting, proposal writing, questionnaire development, & data collection & analysis are outlined; methodological changes over the years are also documented. The wealth of data provided by the PSID on family composition, residential location, income sources & amounts, & employment patterns have provided fresh insights into the nature & trajectory of the family life cycle, as well as been used to compare patterns on the bases of gender, race, & other sociodemographic variables. Policy & programmatic uses of the PSID findings are described, along with encouraging efforts by other countries to replicate the PSID panel design in their own socioeconomic research. The author's application of economic & policy insights from her PSID experience to her new research on human development is recounted. 5 Tables, 37 References. K. Hyatt Stewart

Purpose: To examine whether food insecurity longitudinally affects smoking status. Design: Population-based prospective study Setting: Data from the 2003 and 2015 Panel Study of Income Dynamics (PSID). Participants: Four thousand five hundred sixty-three adults who were smokers and nonsmokers, participating in the 2003 (current study baseline) and 2015 (current study follow-up) waves of PSID. Measures: Based on self-reported smoking status at baseline and follow-up, respondents were categorized as continued smoking, stopped smoking, started smoking, and continued nonsmoking. Similarly, respondents were categorized as stayed food secure, stayed food insecure, became food insecure, and became food secure based on responses to the Food Security Survey at baseline and follow-up. Analysis: Two logistic regression analyses to examine (1) among smokers at baseline the odds of stopping versus continuing smoking by follow-up and (2) among nonsmokers at baseline the odds of starting versus continuing nonsmoking by follow-up. In both models, change in food insecurity status was the primary independent variable, controlling for demographics including poverty. Results: Among smokers at baseline, becoming food insecure (vs staying food secure) was independently associated with lower likelihood of stopping smoking by follow-up (odds ratio [OR] = 0.66). Among nonsmokers at baseline, becoming food insecure (vs staying food secure) was independently associated with higher likelihood of starting smoking by follow-up (OR = 3.77). Conclusions: Food insecurity is a risk factor for smoking, which has significant implications for developing interventions to reduce smoking prevalence, especially among low-income groups.

This paper analyzes the relationship between individuals' attitudes towards risk and their decision to migrate. We consider migration in the United States across metropolitan statistical areas (MSAs) between 1997 and 2015, based on data from the Panel Study of Income Dynamics (PSID). Using random-effects specifications, we find that being relatively more willing to take risks is positively and significantly related to cross-MSA migration. For cross-state migration and migration across larger distances, risk attitudes are slightly more important. A recursive bivariate probit model of simultaneous equations addresses the potential endogenous nature of attitudes towards risk and allows ruling out reverse causality.

The Panel Study of Income Dynamics (PSID) has made more contributions to the study of income volatility than any other dataset in the United States. Its record of providing data for seminal research is unmatched. In this article, we first present the reasons that the PSID has made such major contributions to research on the topic. Then we review the major papers that have used the PSID to study income volatility, comparing their results to those using other datasets. Last, we present new results for income volatility among U.S. men through 2014, finding that both gross volatility and the variance of transitory shocks display a three-phase trend: upward trends from the 1970s to the 1980s, a stable period in the 1990s through the early 2000s, and a large increase during the Great Recession.

This article reviews the contributions of the Panel Study of Income Dynamics (PSID) to the study of intergenerational mobility. The PSID enables researchers to track individuals as they form new households and covers many dimensions of socioeconomic status over large portions of the life cycle, making the data ideal for studying intergenerational mobility. Studies have used PSID data to show that the United States is among the least economically mobile countries among advanced economies. The PSID has been instrumental to understanding various dimensions of intergenerational mobility, including occupation; wealth; education; consumption; health; and group differences by gender, race, and region. Studies using the PSID have also cast light on the mechanisms behind intergenerational persistence.

Comprehensive data on consumption expenditures have historically not been collected in US longitudinal household surveys. The Panel Study of Income Dynamics (PSID) expanded its expenditure data collection in 1999 and 2005. We examine these new expenditure data, highlighting several unique features of the PSID data. We then compare the PSID expenditure data with those in the Consumer Expenditure Survey (CE). We document that the PSID data cover nearly the entire scope of the CE data, and the mean statistics of total expenditures compare favorably between the two surveys. However, significant differences remain for certain expenditure categories.