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Why do wealthy parents have wealthy children?

Presentation

Recent decades has seen rapid growth in the value of household wealth compared to incomes and slow earnings growth for younger generations.Whether and how younger adults' economic prospects are shaped by their parents' wealth is a question of increasing relevance. Why do the children of wealthy parents accumulate more wealth than their peers from poorer backgrounds? Does parental wealth have a role in determining young people's earnings, wealth accumulation and access to homeownership? What channels are involved in the persistence of wealth from one generation to the next?

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