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McClellanville Library
Closed for renovations
Phone: (843) 887-3699
Miss Jane's Building (Edisto Library Temporary Location)
9 a.m. - 4 p.m.
Phone: (843) 869-2355
Main Library
9 a.m. - 8 p.m.
Phone: (843) 805-6930
West Ashley Library
9 a.m. - 7 p.m.
Phone: (843) 766-6635
Folly Beach Library
Closed for renovations
Phone: (843) 588-2001
John L. Dart Library
9 a.m. - 7 p.m.
Phone: (843) 722-7550
St. Paul's/Hollywood Library
9 a.m. - 8 p.m.
Phone: (843) 889-3300
Mt. Pleasant Library
9 a.m. – 8 p.m.
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Dorchester Road Library
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Edgar Allan Poe/Sullivan's Island Library
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John's Island Library
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Wando Mount Pleasant Library
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Phone: (843) 884-9741
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Phone: (843) 805-6909
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Does Money Matter for Intergenerational Income Transmission?
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- Author(s): Miller, Michelle M.; McIntyre, Frank
- Source:
Southern Economic Journal; Jan2020, Vol. 86 Issue 3, p941-970, 30p- Subject Terms:
- Source:
- Additional Information
- Abstract: The intergenerational income elasticity (IIE) is a crucial measure of income mobility. In this article, we develop a structural model to examine the channels through which this elasticity operates. Using data from the Panel Study of Income Dynamics, we separately identify the human capital and the financial components. The human capital component examines the transmission of human capital, independent of financial investments, whereas the financial component examines the impact of income that is uncorrelated with human capital, that is, exogenous income. Using a two‐stage framework, we show that the IIE operates through both channels. Moreover, our estimates show that the financial component may have a larger effect than previously estimated, plausibly attributing to 36% of intergenerational income transmission. Indeed, this result holds even when the financial component is defined in an incredibly narrow manner. This suggests that cash payments could promote intergenerational mobility. [ABSTRACT FROM AUTHOR]
- Abstract: Copyright of Southern Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
- Abstract:
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