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安永红|第245期双周学术论坛

作者:     日期:2018-06-21    来源:

  一、主题:Your American Dream is Not Mine!——A New Approach to Estimating Intergenerational Mobility Elasticities

  二、主讲人:安永红,德州农工大学经济助理教授(with tenure)。他在约翰霍普金斯大学获得经济学博士学位,研究领域包括微观经济学和产业组织理论,曾在Journal of Econometrics、Journal of Business & Economic Statistics、Journal of Applied Econometrics、Applied Economics等期刊发表多篇学术论文。

  三、时间:2018年6月22日(周五),12:30-13:30

  四、地点:学院南路校区主教学楼913会议室

  五、主持人:王雅琦,中央财经大学金融学院讲师

  六、讲座资助:中央财经大学引智计划

 

Abstract: This paper provides a unified framework for estimating intergenerational mobility elasticities (IGE) of children's income with respect to parental income. We allow the IGEs to be heterogeneous, by leaving the relationship of parental and child incomes unspecified, while acknowledging and addressing the latent nature of both child and parental permanent incomes and the resulted life-cycle bias. Our framework enables us to propose a formal test of the widely imposed assumption that the intergenerational mobility function is linear. Applying our method to the Panel Studies of Income Dynamics (PSID) data, we decisively reject the commonly imposed linearity assumption and find substantial heterogeneity in the IGEs across the population. The IGEs with respect to parental income exhibit a U-shape pattern. Specifically, there is a considerable degree of mobility among the broadly defined middle class, but the children of both high- and low-income parents are more likely to be high- and low-income adults, respectively. Our result suggests that the U.S. is indeed a “land of opportunity", just not for everyone! This result also provides valuable insights into the (intertemporal) Great Gatsby curve, suggesting that a higher level of inequality within one generation may lead to a higher level of social immobility in the next generation in the U.S..