The correlation of wealth across generations
The correlation of wealth across generations
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DOI：
10.1086/378526
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发表时间：
2003-12-01
影响因子：
8.2
通讯作者：
Hurst, E
中科院分区：
文献类型：
--
作者：
Charles, KK;Hurst, E
在本文中，我们发现在遗产转移之前，子女财富相对于父母财富的年龄调整弹性为0.37。终生收入和资产所有权共同解释了近三分之二的财富弹性。教育、过去的父母转移以及预期的未来遗产在剩余弹性中所占的比例很小。风险调查指标在父母和孩子之间密切相关。然而，他们几乎没有解释拥有不同资产的倾向的代际相似性，这表明儿童的储蓄倾向是通过模仿父母的行为或继承与风险承受能力无关的偏好来决定的。我们的研究结果表明，虽然父母确实将人力资本和储蓄倾向传递给了孩子，但代际流动性水平比大众媒体最近的报道所暗示的要高得多。
In this paper, we find that the age-adjusted elasticity of child wealth with respect to parental wealth is 0.37 before the transfer of bequests. Lifetime income and asset ownership jointly explain nearly two-thirds of the wealth elasticity. Education, past parental transfers, and expected future bequests account for little of the remaining elasticity. Survey measures of risk correlate strongly between parents and children. However, they explain little of the intergenerational similarity in the propensity to own different assets, suggesting that children's savings propensities are determined by mimicking their parents' behavior, or the inheritance of preferences not related to risk tolerance. Our results imply that while parents do pass on human capital and saving propensities to their children, the level of intergenerational fluidity is much greater than that suggested by recent accounts in the popular press.