Intergenerational elasticities of housing consumption and income

Lancelot Henry de Frahan and Jung Sakong

We estimate intergenerational elasticities (IGE) of housing consumption and income in the US. Using surnames to link 1940 and 2015, we estimate a one-generation housing-consumption IGE of 0.73, higher than that of income at 0.52. Housing consumption IGE is higher for White compared to Black Americans and higher in the Northeast, patterns that contrast with income IGE. Inverting Engel curves suggests a total-consumption IGE of 0.72. Complementary to income IGE, consumption mobility is a closer measure of welfare mobility, and comparisons with income IGE inform intergenerational consumption insurance.

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Year of publication:	[2024]
Authors:	Frahan, Lancelot Henry de ; Sakong, Jung
Publisher:	[Chicago, Illinois] : Federal Reserve Bank of Chicago
Subject:	Intergenerational elasticity \| Consumption mobility \| Generationengerechtigkeit \| Intergenerational equity \| Soziale Mobilität \| Social mobility \| Privater Konsum \| Private consumption \| Elastizität \| Elasticity \| Einkommenselastizität der Nachfrage \| Income elasticity of demand \| Schätzung \| Estimation \| Einkommen \| Income \| Intergenerationale Übertragung \| Intergenerational transfer \| Theorie \| Theory

Extent:	1 Online-Ressource (circa 35 Seiten) Illustrationen
Series:	Working papers / Federal Reserve Bank of Chicago. - Chicago, Ill. : [Verlag nicht ermittelbar], ISSN 1936-5276, ZDB-ID 2186680-6. - Vol. WP 2024, 21 (August 14, 2024)
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Graue Literatur ; Non-commercial literature ; Arbeitspapier ; Working Paper
Language:	English
Other identifiers:	10.21033/wp-2024-21 [DOI] hdl:10419/305485 [Handle]
Classification:	J62 - Occupational and Intergenerational Mobility ; N32 - U.S.; Canada: 1913-
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10015073279