income persistence in the U.S. I develop a dynamic general equilibrium model where lifetime income endogenously persists … including the U.S. income quintile transition matrix. I find that the parental time investment channel accounts for nearly 40 … percent of the observed intergenerational income persistence. Policy experiments suggest that e¤ective ways of improving …

Inflows available to an individual (defined as the capitalized sum of net labor income, government transfers, and gifts and … well as at all levels of net wealth at a point in time. Gifts and inheritances are only an important source of income flows …

children who were exposed longer to the sanctions. The results imply that sanctions have a larger effect on the income of …