Efforts to document long-term trends in socioeconomic mobility in the United States have been hindered by the lack of large, representative datasets that include information linking parents to their adult children. This problem has been especially acute for women, who are more difficult to link...

The nineteenth-century American family experienced tremendous demographic, economic, and institutional changes. By using birth order effects as a proxy for family environment, and linked census data on men born between 1835 and 1910, we study how the family's role in human capital production...

We study the dynamics of the distribution of overlapping generation economy with finitely lived agents and inter-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show that the stationary wealth distribution is...

This paper studies how exclusive social groups shape upward mobility, and whether interactions between low- and high-status peers can integrate the top rungs of the economic and social ladder. Our setting is Harvard in the 1920s and 1930s, where new groups of students arriving on campus...

This paper attempts to quantitatively identify the factors that drive wealth dynamics in the U.S. and are consistent with its observed skewed cross-sectional distribution and social mobility. We concentrate on three critical factors: a skewed and persistent distribution of earnings, differential...