Strong intergenerational correlations in wealth have fueled a long-standing debate over why children of wealthy parents tend to be well off themselves. We investigate the role of family background in determining children's wealth accumulation and investor behavior as adults. Our research design...

A major difficulty faced by researchers who want to study the consumption and savings behavior of households is the lack of reliable panel data on household expenditures. One possibility is to use surveys that follow the same households over time, but such data are rare and they typically have...