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The Finances of American Households in the
Past Three Recessions: Evidence
from the Survey of Consumer Finances

Data for Figures

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Figure 1, Top left panel. Total Payroll Employment

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	98.41	99.15	99.17
-11	98.45	99.37	99.3
-10	98.68	99.54	99.32
-9	98.78	99.5	99.46
-8	99.03	99.62	99.48
-7	99.12	99.63	99.59
-6	99.43	99.72	99.63
-5	99.65	99.71	99.59
-4	99.85	99.88	99.57
-3	99.89	99.99	99.64
-2	100.02	99.98	99.76
-1	100.04	100.02	99.91
Peak	100	100	100
1	99.81	99.79	99.95
2	99.74	99.75	99.84
3	99.59	99.66	99.76
4	99.46	99.56	99.64
5	99.4	99.44	99.54
6	99.29	99.26	99.42
7	99.02	99.01	99.33
8	98.87	98.79	99.2
9	98.68	98.66	98.97
10	98.56	98.56	98.7
11	98.64	98.45	98.26
12	98.6	98.43	97.77
13	98.61	98.37	97.24
14	98.64	98.36	96.74
15	98.65	98.39	96.27
16	98.6	98.32	95.9
17	98.62	98.31	95.68
18	98.67	98.27	95.34
19	98.61	98.36	95.14
20	98.65	98.37	94.98

Figure 1, Top right panel. Real Income from Wages and Salary

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	97.47	97.3	99.38
-11	97.35	97.51	99.91
-10	97.65	97.08	100.1
-9	98.42	97.52	100.25
-8	98.24	98.53	99.85
-7	98.4	98.74	99.62
-6	98.31	98.77	99.77
-5	98.91	98.82	99.66
-4	99.12	98.65	99.68
-3	99.67	98.46	100.06
-2	99.26	99.37	100.03
-1	99.6	99.81	100.05
Peak	100	100	100
1	99.1	99.21	99.7
2	99.2	98.62	99.49
3	98.12	98.34	99.36
4	98.08	98.19	98.99
5	98.68	98.01	98.79
6	97.8	98.18	98.19
7	97.68	97.72	97.88
8	97.79	97.94	98.17
9	97.85	98.23	97.83
10	97.78	98.45	98.31
11	98.6	98.44	99.18
12	98.04	98.51	99.13
13	98.11	98.27	96.65
14	98.45	98.42	95.44
15	98.01	98.75	94.91
16	98.24	98.07	94.55
17	98.9	98.06	94.38
18	98.66	98.01	93.61
19	99.59	97.75	93.72

Figure 1, Middle left panel. Real Disposable Personal Income

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	97.2	97.17	99.44
-11	97.45	97.58	99.27
-10	97.71	97.91	99.56
-9	98.11	98.12	99.76
-8	98.23	98.57	99.62
-7	98.26	99.04	99.61
-6	98.75	99.12	99.74
-5	99.04	99.08	99.83
-4	99.04	98.95	100.1
-3	99.65	99.15	100.29
-2	99.47	99.63	100.28
-1	99.67	99.78	100.01
Peak	100	100	100
1	99.49	99.65	99.75
2	99.51	99.43	99.47
3	98.8	99.51	99.27
4	98.9	101.08	99.32
5	99.3	102.91	104.45
6	99.06	102.19	101.76
7	99.3	100.52	100.21
8	99.54	100.85	99.27
9	99.89	101.25	99.36
10	99.87	103.51	99.65
11	100.39	103.61	100.7
12	100.1	103.65	100.99
13	100.21	103.94	101.2
14	100.48	104.17	100.21
15	100.63	104.37	100.11
16	100.7	103.94	100.98
17	101.41	103.76	102.52
18	102.1	103.72	100.86
19	102.55	103.83	100.81

Figure 1, Middle right panel. Real Personal Consumption Expenditures

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	97.44	97.57	98.45
-11	98.4	97.43	98.83
-10	98.24	97.88	98.91
-9	98.2	98.08	99.09
-8	98.26	98.17	99.19
-7	99.06	98.66	99.25
-6	99.53	99.44	99.23
-5	99.01	99.4	99.42
-4	99.33	99.48	99.79
-3	99.55	100.01	99.87
-2	99.49	99.98	99.88
-1	99.81	100.1	100.09
Peak	100	100	100
1	100.02	100.1	99.92
2	99.96	100.54	99.71
3	99.39	100.58	99.89
4	99.3	100.79	99.99
5	98.96	101.37	99.84
6	98.13	100.37	99.74
7	98.76	102.79	99.14
8	99.91	102.32	99.11
9	99.55	102.17	98.65
10	99.77	102.52	98.36
11	99.74	102.93	98.44
12	100.17	102.88	97.79
13	99.99	103.38	98.36
14	100.04	103	98.45
15	99.66	103.52	98.22
16	100.13	104.1	98.04
17	100.26	104.22	98.09
18	101.65	103.69	98.26
19	101.71	103.98	98.47

Figure 1, Bottom left panel. Real Residential Investment

Months from NBER Peak	1990:Q3 Peak	2001:Q1 Peak	2007:Q4 Peak
-8	126.38	102.85	157.53
-7	126.27	103.37	155.2
-6	123.95	103.69	147.07
-5	118.72	104.38	137.58
-4	116.79	104.27	130.27
-3	113.43	103.1	123.52
-2	112.88	100.71	118.4
-1	107.38	100.24	110.5
Peak	100	100	100
1	93.23	100.92	91.22
2	87.12	101.45	86.55
3	88.64	100.54	81.94
4	91.62	102.98	77.7
5	92.89	104.69	69.15
6	96.87	104.77	64.5
7	99.89	105.87	ND
8	99.46	106.13	ND
9	102.22	108.46	ND

Figure 1, Bottom right panel. Sales of New Homes

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	134.87	95.85	161.23
-11	128.6	89.56	143.94
-10	117.9	91.27	133.76
-9	119	84.45	134.57
-8	126.2	94.46	143.3
-7	116.24	90.31	136.03
-6	114.39	97.12	128.11
-5	109.04	99.36	125.69
-4	105.9	93.72	112.92
-3	100	104.69	110.82
-2	98.52	99.68	117.45
-1	100.55	102.56	103.55
Peak	100	100	100
1	97.42	96.81	98.22
2	91.51	94.25	93.05
3	85.79	93.93	82.23
4	90.96	93.72	86.11
5	85.61	92.23	82.23
6	73.99	90.84	78.84
7	88.93	92.76	80.78
8	93.54	98.4	71.73
9	93.73	104.26	70.44
10	95.39	93.72	66.07
11	95.2	100.96	63
12	94.28	98.3	60.42
13	97.05	99.68	53.15
14	89.85	104.15	57.19
15	96.68	101.92	53.63
16	106.09	101.81	55.74
17	102.95	107.99	59.94
18	124.72	111.18	64.62
19	117.9	107.14	68.82
20	102.21	109.05	69.31

Figure 2, Top left panel. Personal Saving Rate

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	-0.2	-0.3	1
-11	-0.87	0.2	0.5
-10	-0.49	0.1	0.7
-9	-0.11	0	0.8
-8	-0.06	0.4	0.4
-7	-0.78	0.3	0.3
-6	-0.71	-0.4	0.4
-5	0.04	-0.4	0.3
-4	-0.26	-0.6	0.2
-3	0.12	-0.9	0.3
-2	0	-0.4	0.3
-1	-0.1	-0.3	-0.1
Peak	0	0	0
1	-0.49	-0.5	-0.1
2	-0.41	-1.1	-0.1
3	-0.55	-1	-0.4
4	-0.39	0.3	-0.6
5	0.27	1.5	4.4
6	0.76	1.7	2.1
7	0.39	-2.1	1.2
8	-0.43	-1.3	0.3
9	0.22	-0.7	0.8
10	0.01	1.1	1.5
11	0.52	0.9	2.4
12	-0.15	0.9	3.3
13	0.12	0.7	3
14	0.34	1.3	2
15	0.79	1	2.1
16	0.44	0.1	3.1
17	0.98	-0.2	4.5
18	0.47	0.3	2.8
19	0.83	0.1	2.6

Figure 2, Top right panel. Household Net Worth

Months from NBER Peak	1990:Q3 Peak	2001:Q1 Peak	2007:Q4 Peak
-8	90.19	93.45	92.04
-7	92.24	96.85	95.29
-6	94.31	95.7	94.42
-5	96.35	104.17	95.79
-4	99.25	107.43	99.1
-3	100.81	106.13	100.73
-2	100.69	106.9	102.21
-1	101.9	103.49	102.25
Peak	100	100	100
1	102.45	103.24	96.15
2	106.17	98.51	94.79
3	106.02	102.65	90.48
4	107.39	104.17	82.8
5	110.43	100.86	80.02
6	110.94	96.63	83.15
7	110.92	99.77	ND
8	112.24	99.97	ND
9	115.47	105.17	ND

Figure 2, Middle left panel. Stock Prices

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	99.79	134.29	96.21
-11	101.67	127.2	98.06
-10	101.25	122.61	96.3
-9	98.11	127.92	97.23
-8	99.51	125.22	100.9
-7	101.05	134.14	104.34
-6	93.47	127.87	102.64
-5	94.59	125.07	99.08
-4	96.72	112.5	100.19
-3	93.74	114.37	103.66
-2	101.89	118.65	105.76
-1	101.18	107.32	100.76
Peak	100	100	100
1	90.23	108.14	93.77
2	85.08	109.06	90.8
3	83.74	107.15	89.96
4	89.09	105.29	94.41
5	91.64	98.77	96.23
6	95.89	89.83	88.22
7	102.97	92.03	87.36
8	105.89	98.93	88.56
9	106.01	100.58	80.13
10	109.9	99.24	65.92
11	104.76	97.06	60.36
12	109.5	101.22	61.32
13	112.13	96.2	56.25
14	110.63	94.93	50.43
15	112.49	88.15	54.75
16	107.85	80.94	60.48
17	119.41	81.29	63.49
18	119.01	73.02	63.6
19	120.3	78.5	68.47
20	117.05	83.1	70.75
21	118.45	78.37	73.63

Figure 2, Middle right panel. Stock Prices

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	96.6	92.69	109.26
-11	96.95	93.74	109.01
-10	97.17	94.9	108.63
-9	97.24	95.81	108.57
-8	97.17	96.68	108.41
-7	97.1	97.16	108.5
-6	96.67	97.55	108.38
-5	97.03	97.88	108.03
-4	97.38	98.03	106.9
-3	98.23	98.08	105.13
-2	99.01	98.08	103.09
-1	99.65	98.94	101.67
Peak	100	100	100
1	99.79	101.01	98.17
2	99.29	102.21	96.88
3	98.87	103.37	96.54
4	98.37	104.43	96.85
5	98.16	104.96	97.1
6	97.66	105.05	96.98
7	98.51	105.1	96.28
8	99.72	105.25	94.87
9	101.27	105.58	93.57
10	102.2	105.97	92.25
11	102.76	106.83	90.61
12	102.9	107.94	88.22
13	102.55	109.24	86.49
14	101.91	110.64	85.86
15	101.42	112.18	86.52
16	101.42	113.43	87.81
17	101.13	114.24	89.17
18	100.92	114.73	90.02
19	101.27	115.11	90.58
20	102.27	115.69	90.74

Figure 2, Bottom left panel. Home Mortgage Debt

Months from NBER Peak	1990:Q3 Peak	2001:Q1 Peak	2007:Q4 Peak
-8	81.71	84.33	84.45
-7	83.97	86.32	87.24
-6	85.36	88.74	90.08
-5	87.72	90.41	92.35
-4	90.34	91.68	93.78
-3	92.37	93.96	95.59
-2	95.42	96.31	97.48
-1	97.9	98.26	98.8
Peak	100	100	100
1	101.74	103.28	100.6
2	103.37	106.38	100.56
3	105.86	108.64	100.17
4	106.84	111.45	99.48
5	109.02	115.07	99.48
6	110.68	119.03	99.2
7	112.02	123.19	ND
8	114.26	126.67	ND
9	116.1	131.92	ND

Figure 2, Bottom right panel. Consumer Credit

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	96.2	88.8	94.65
-11	96.53	89.4	94.87
-10	96.89	90.08	95.36
-9	97.36	91.48	95.87
-8	97.94	92.54	96.08
-7	98.48	93.69	96.7
-6	98.86	94.65	97.16
-5	98.99	95.63	97.65
-4	98.99	96.53	98.45
-3	98.99	97.52	98.86
-2	99.12	98.31	99.26
-1	99.5	99.32	99.74
Peak	100	100	100
1	100.23	100.9	100.3
2	100.44	101.32	100.67
3	100.71	101.91	101.14
4	100.84	102.13	101.58
5	100.17	102.56	101.75
6	99.96	103.01	102.18
7	100.02	103.92	102.46
8	100.18	105.46	102.25
9	100.12	106.02	102.34
10	100.12	106.1	102.2
11	99.89	106.89	101.79
12	99.65	107.65	101.57
13	99.4	108.28	101.78
14	99.26	108.89	101.27
15	98.98	109.56	100.63
16	98.93	110.2	99.94
17	98.9	110.61	99.59
18	99.02	110.77	98.97
19	99.1	111.12	98.12

Figure 3, Top left panel. Mortgage Delinquency Rate

Months from NBER Peak	1990:Q3 Peak	2001:Q1 Peak	2007:Q4 Peak
-8	0.12	-0.07	-0.46
-7	0.12	-0.08	-0.47
-6	0.11	-0.1	-0.57
-5	0.05	-0.11	-0.54
-4	0.04	-0.12	-0.52
-3	0.04	-0.13	-0.5
-2	-0.01	-0.1	-0.37
-1	-0.01	-0.03	-0.22
Peak	0	0	0
1	0.02	0.08	0.15
2	0.07	0.13	0.35
3	0.07	0.14	0.72
4	0.1	0.13	1.27
5	0.1	0.21	2.05
6	0.1	0.25	2.4
7	0.12	0.19	ND
8	0.11	0.17	ND
9	0.05	0.26	ND

Figure 3, Top right panel. Credit Card Delinquency Rate

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	-0.59	-0.61	-0.51
-11	-0.76	-0.52	-0.51
-10	-1.02	-0.58	-0.53
-9	-0.94	-0.6	-0.57
-8	-1.07	-0.5	-0.56
-7	-0.81	-0.53	-0.5
-6	-0.74	-0.42	-0.47
-5	-0.64	-0.36	-0.47
-4	-0.82	-0.31	-0.34
-3	-0.17	-0.25	-0.2
-2	-0.27	-0.19	-0.13
-1	-0.11	-0.05	-0.08
Peak	0	0	0
1	0.1	0.1	0.05
2	0.49	0.09	0.07
3	0.19	0.15	0.17
4	0.43	0.16	0.24
5	0.67	0.12	0.31
6	0.45	-0.09	0.36
7	0.67	0.1	0.44
8	0.65	0.08	0.47
9	0.59	0.2	0.53
10	0.64	0.19	0.66
11	0.54	0.22	0.87
12	0.25	0.19	1.19
13	0.24	0.07	1.41
14	0.45	-0.02	1.62
15	0.58	0.08	1.94
16	0.47	0.06	2.08
17	0.48	0.16	1.85
18	0.58	0.25	1.78
19	0.5	0.27	1.72
20	0.52	0.24	1.72

Figure 3, Middle left panel. Prime Auto Loan Charge-Off Rate

Months from NBER Peak	March 2001 Peak	December 2007 Peak
-12	0.04	-0.41
-11	-0.35	-0.39
-10	-0.24	-0.53
-9	-0.38	-0.55
-8	-0.32	-0.64
-7	-0.09	-0.62
-6	-0.18	-0.5
-5	0.05	-0.37
-4	0.07	-0.29
-3	0.07	-0.35
-2	0.2	-0.19
-1	0.08	-0.07
Peak	0	0
1	-0.14	0.02
2	-0.22	-0.04
3	-0.14	-0.04
4	-0.09	-0.24
5	-0.07	-0.11
6	-0.04	0.08
7	0.25	0.32
8	0.15	0.35
9	0.32	0.35
10	0.08	0.66
11	0.1	0.54
12	0.05	0.95
13	0.13	0.89
14	-0.1	0.77
15	0.27	0.61
16	0.01	0.4
17	-0.08	0.35
18	0.09	0.47
19	0.32	0.38

Figure 3, Middle right panel. Mortgage Delinquency Rate

Months from NBER Peak	2001:Q1 Peak	2007:Q4 Peak
-8	-6.46	ND
-7	-41.7	ND
-6	-40.08	ND
-5	-56.36	-55.28
-4	-60.99	-47.41
-3	-52.42	-43.05
-2	-21.75	-33.81
-1	-30.44	-17.46
Peak	0	0
1	19.1	8.4
2	5.5	26.79
3	28.85	48.66
4	22.23	71.12
5	18.66	97.59
6	35.71	121.39
7	42.94	ND
8	55.61	ND
9	54.72	ND

Figure 3, Bottom left panel. Consumer Sentiment

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	104.31	117.05	121.46
-11	101.59	119.34	128.34
-10	108.62	120.98	120.93
-9	106.46	116.28	117.09
-8	103.06	118.36	115.36
-7	102.61	117.27	116.95
-6	105.44	116.72	112.98
-5	101.47	115.63	119.74
-4	103.51	117.6	110.46
-3	106.46	107.54	110.46
-2	102.72	103.5	107.15
-1	100.11	99.02	100.79
Peak	100	100	100
1	86.62	96.61	103.84
2	82.54	100.55	93.77
3	72.45	101.2	92.05
4	74.83	100.98	82.91
5	74.26	100	79.21
6	75.74	89.4	74.7
7	79.82	90.38	81.06
8	99.43	91.69	83.44
9	92.74	97.05	93.11
10	88.78	101.64	76.29
11	93.08	99.13	73.25
12	93.99	104.59	79.6
13	92.97	101.64	81.06
14	94.1	105.9	74.57
15	88.78	100.98	75.89
16	78.34	96.28	86.23
17	77.32	95.74	90.99
18	76.53	94.1	93.77
19	78	88.09	87.42
20	86.17	92.02	87.02
21	87.53	94.75	97.35

Figure 3, Bottom right panel. Consumer Confidence

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	118.39	117.28	121.41
-11	113.47	117.79	121.63
-10	114.36	123.78	122.74
-9	115.04	119.08	119.43
-8	113.18	122.33	117.33
-7	111.11	120.44	119.76
-6	104.72	121.9	116.23
-5	104.92	116.17	123.51
-4	108.75	113.43	116.56
-3	105.51	110.01	109.82
-2	105.51	98.97	105.08
-1	100.69	93.41	96.91
Peak	100	100	100
1	83.28	94.01	96.36
2	84.17	99.32	84.33
3	61.55	101.71	72.74
4	60.67	99.49	69.32
5	60.18	97.52	64.13
6	54.18	82.98	56.29
7	58.41	72.97	57.28
8	79.74	72.63	64.57
9	78.07	80.92	67.77
10	75.12	83.66	42.83
11	76.7	81.27	49.34
12	76.4	94.7	42.6
13	74.83	92.81	41.28
14	71.68	94.35	27.92
15	59.1	90.93	29.69
16	51.82	83.32	45.03
17	51.62	80.84	60.49
18	49.36	80.15	54.42
19	46.51	68.09	52.32
20	55.56	72.63	60.15
21	64.01	69.03	58.61

Figure 4: Household Net Worth in the Survey of the Consumer Finances, 1989-2009

Survey Year	Mean Net Worth	Median Net Worth
1989	299.4	75.5
Jul 90	279.5	73.6
1992	270	71.7
1995	286.7	78.2
1998	360.1	91.3
Mar 01	463.1	98.6
2001	464.8	101.3
Nov 02	435	105.7
2004	493.5	102.3
2007	557.8	120.6
Jun 09	401.8	84

Figure 5: Changes in Net Worth Across the Net Worth Distributions

	Jul 90 to Nov 92 (1992 SCF)	Mar 01 to Nov 02	Nov 07 (2007 SCF) to Jun 09
25th	12	6	-41
50th	-3	7	-30
75th	-5	1	-23
95th	-6	-7	-29

Appendix A,Top left panel. Transfer Payments

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	95.11	92.94	96.77
-11	95.72	93.79	98.16
-10	96.23	95.97	98.73
-9	96.59	94.98	98.62
-8	97.17	95.15	98.02
-7	96.76	95.82	98.06
-6	98.88	95.87	98.03
-5	98.81	95.93	98.4
-4	98.93	95.57	99.28
-3	99.5	97.09	99.28
-2	99.53	98.69	99.3
-1	100	99.16	98.77
Peak	100	100	100
1	99.62	101.35	100.4
2	100.43	101.7	100.75
3	100.94	101.8	101.06
4	101.3	102	101.64
5	102.55	101.48	111.55
6	104.08	102.75	109.92
7	104.82	104.88	102.27
8	105.66	105.67	103.04
9	107.13	106.73	103.82
10	107.46	107.92	103.99
11	107.75	107.87	105.81
12	107.57	107.44	107.35
13	108.14	108.78	110.08
14	108.74	108.85	110.53
15	111.33	108.88	112.67
16	110.93	108.9	115.5
17	113.11	108.82	124.78
18	115.1	109.24	117.48
19	115.19	109.29	118.08

Appendix A, Top right panel. Transfer Payments

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	83.2	96.34	76.23
-11	81.7	95.88	71.94
-10	81.04	95.47	71.17
-9	79.6	95.02	73.86
-8	80.71	94.84	79.54
-7	81.92	95.42	83.47
-6	82.7	96.05	86.32
-5	83.98	97.48	86.26
-4	86.28	98.5	88.03
-3	89.48	99.15	91.1
-2	92.95	99.16	95.27
-1	96.34	99.49	98.04
Peak	100	100	100
1	101.91	100.43	100.94
2	102.52	101.2	103.22
3	101.78	102.54	107.01
4	102	104.63	111.88
5	102.7	105.57	116.06
6	103.7	105.77	119.56
7	104.76	103.95	122.26
8	105.74	102.85	125.48
9	106.43	101.81	128.67
10	107.48	100.61	132.75
11	109.36	100.24	135.88
12	111.73	100.61	137.64
13	115.15	101.75	139.26
14	119.47	101.43	141
15	124.91	99.26	143.29
16	126.95	95.24	146.47
17	128.46	91.85	150.12
18	127.46	89.09	153.15
19	128.77	86.96	156.45

Appendix A, Middle left panel. Interest Income

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	99.51	100.97	90.59
-11	99.81	101.39	91.94
-10	99.85	101.78	93.4
-9	99.47	101.82	94.89
-8	99.52	101.91	95.69
-7	99.59	102.08	96.38
-6	99.36	101.66	97.17
-5	99.35	101.34	98.57
-4	99.41	101.02	99.91
-3	99.71	100.65	100.96
-2	99.89	100.17	101.01
-1	99.84	100.02	100.4
Peak	100	100	100
1	99.66	99.81	98.79
2	99.29	99.35	98.19
3	99.06	98.9	97.62
4	98.91	98.5	97.81
5	98.59	98.08	97.52
6	97.3	97.97	96.89
7	96.91	97.3	97.22
8	96.66	96.79	97.91
9	96.7	96.14	98.44
10	96.18	94.78	96.78
11	95.91	93.63	96.64
12	95.65	92.54	96.17
13	95.26	92.21	94.65
14	94.69	91.61	93.06
15	94.13	90.93	91.83
16	93.56	90.19	92.33
17	92.9	89.42	92.84
18	92.17	88.8	92.91
19	91.55	88.72	92.4

Appendix A, Middle right panel. Interest Income

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	97.57	102.72	106.77
-11	98.45	104.04	107.35
-10	99.47	104.92	107.66
-9	100.81	105.29	107.72
-8	101.92	105.5	107.77
-7	101.44	105.73	107.54
-6	101.85	105.23	107.21
-5	101.61	104.78	106.69
-4	101.52	104.09	105.99
-3	101.71	103.15	104.83
-2	99.72	101.64	103.46
-1	99.87	100.65	101.63
Peak	100	100	100
1	99.4	99.37	98.21
2	98.28	98.85	96.62
3	96.54	98.62	95.04
4	95.57	98.82	93.69
5	95.15	99.17	92.33
6	98.39	100.02	90.85
7	101.1	100.39	89.63
8	101.8	101.37	88.97
9	102.19	102.56	88.36
10	102.7	103.76	88.4
11	103.07	104.75	89.15
12	103.41	105.45	89.48
13	103.42	105.86	85.16
14	103.54	106.52	80.77
15	103.17	106.98	76.7
16	102.79	107.2	74.03
17	102.02	107.31	71.37
18	102.28	107.29	68.39
19	102.44	107.12	67.13

Appendix A, Bottom left panel. Contributions for Social Insurance

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	97.14	96.57	99.79
-11	96.97	96.67	100.51
-10	97.24	96.17	100.53
-9	97.89	96.5	100.47
-8	97.6	97.43	100.04
-7	97.63	97.63	99.71
-6	99.46	97.66	99.75
-5	98.92	97.77	99.68
-4	99.4	97.66	99.64
-3	99.06	97.59	99.98
-2	98.96	99.24	99.96
-1	99.67	99.74	99.96
Peak	100	100	100
1	99.06	99.37	100.46
2	99.02	98.91	100.36
3	97.89	98.68	100.32
4	97.82	98.64	100.05
5	98.33	98.51	99.9
6	99.99	98.75	99.37
7	99.79	98.36	99.08
8	99.85	98.57	99.43
9	99.89	98.9	99.2
10	99.76	100.38	99.68
11	100.47	100.37	100.68
12	100.27	100.41	100.76
13	100.33	100.17	99.27
14	100.65	100.3	98.11
15	100.13	100.6	97.67
16	100.21	99.95	97.35
17	100.83	99.9	97.21
18	101.97	99.87	96.48
19	102.82	99.62	96.56

Appendix A, Bottom right panel. Contributions for Social Insurance

Months from NBER Peak	July 1990 Peak	March 2001 Peak	December 2007 Peak
-12	99.12	94.59	95.88
-11	99.13	95.31	97.5
-10	99.34	95.37	98.36
-9	99.61	95.69	98.94
-8	99.7	96.21	98.82
-7	100.2	96.33	98.89
-6	98.07	96.26	99.25
-5	98.88	96.34	99.48
-4	99.31	96.51	99.64
-3	99.75	96.91	99.9
-2	99.6	98.33	99.74
-1	99.84	99.27	99.75
Peak	100	100	100
1	99.29	99.96	99.51
2	99.2	99.37	99.64
3	98.35	98.43	99.57
4	98.12	89.75	98.19
5	98.17	78.96	72.54
6	94.55	84.5	85.48
7	94.15	93.66	85.85
8	94.09	93.23	94.83
9	94.42	93.14	93.78
10	94.32	81.94	92.96
11	94.87	81.04	92.51
12	94.41	80.14	91.98
13	94.33	78.96	78.82
14	94.8	78.51	76.88
15	94.81	78.57	74.82
16	95.03	78.35	70.04
17	95.48	78.42	69.03
18	92.14	78.3	67.65
19	92.93	77.85	69.01

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