Consumption and Income Inequality across Generations

• 成果类型: Article
• 署名作者: Gallipoli, Giovanni; Low, Hamish; Mitra, Aruni
• 署名单位: University of British Columbia; University of British Columbia; Center for Economic & Policy Research (CEPR); Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Manchester
• 刊物名称: JOURNAL OF LABOR ECONOMICS
• ISSN/ISSBN: 0734-306X
• DOI: 10.1086/733051
• 发表日期: 2026
• 关键词: intergenerational transmission; UNITED-STATES; earnings; persistence; transfers; mobility; TRENDS; investments; opportunity; constraints

摘要

This paper characterizes the joint evolution of income and consumption inequality across generations. We estimate a model featuring intergenerational persistence and family-independent idiosyncratic heterogeneity. We find that inequality in income and consumption is predominantly driven by idiosyncratic factors rather than intergenerational linkages. We show evidence of consumption insurance against idiosyncratic lifetime income risk, particularly for the bottom and top quartiles of income. Parental income is a significant source of this insurance only for the richest quartile.