Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/305485 
Year of Publication: 
2024
Series/Report no.: 
Working Paper No. WP 2024-21
Publisher: 
Federal Reserve Bank of Chicago, Chicago, IL
Abstract: 
We estimate intergenerational elasticities (IGE) of housing consumption and income in the US. Using surnames to link 1940 and 2015, we estimate a one-generation housing-consumption IGE of 0.73, higher than that of income at 0.52. Housing consumption IGE is higher for White compared to Black Americans and higher in the Northeast, patterns that contrast with income IGE. Inverting Engel curves suggests a total-consumption IGE of 0.72. Complementary to income IGE, consumption mobility is a closer measure of welfare mobility, and comparisons with income IGE inform intergenerational consumption insurance.
Subjects: 
Intergenerational elasticity
Consumption mobility
JEL: 
J62
N32
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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