The intergenerational income elasticity is a crucial measure of income mobility. In this paper we develop a structural … model to examine the channels through which this elasticity operates. Using data from the Panel Study of Income Dynamics, we … human capital, independent of financial investments while the financial component examines the impact of income that is …

change in expenditure. In contrast, the income change is sizable and similar across both household groups and countries …-rate debt contracts, our evidence suggests that the general equilibrium effect of monetary policy on income is quantitatively …

not adjust expenditure at all and renters change their spending but by less than mortgagors. Income rises for all …