The Intergenerational Correlation of Consumption Expenditures
利用PSID数据发现，消费支出的代际相关性不高于收入，表明家庭内风险分担有限；但控制收入后消费相关性仍显著，说明偏好、信贷渠道等也影响代际消费平滑。
Using data recently collected by the Panel Study of Income Dynamics, we find that the intergenerational correlation in expenditures is no larger than that in income, suggesting limited intra-family risk-sharing. On the other hand, even after controlling for the intergenerational correlation in income, the expenditures correlation remains significant. This suggests that other factors such as preferences, access to credit, and non-pecuniary inter vivos transfers potentially played a role in consumption smoothing across generations within a family. We also find that the correlation coefficients estimated using food and imputed total expenditures are smaller than that estimated using the measured total expenditures.