The net wealth accumulation of grandparents appears to be strongly determinative of the net wealth holdings of their adult grandchildren. While these general features are understood, few details are known about the persistence of wealth components that determine overall portfolio outcomes and their variance. I find that grandparental linkages in household portfolio components (risky assets, safe assets, non-financial assets) are strongly positively correlated with the asset components of the current generation. Meanwhile, I find that there is persistence in intergroup disparities in wealth components, accounting for the intergenerational transfers of wealth from grandparents and parents. My decompositions of net wealth into risky, safe, and non-financial assets illuminate different policy implications connected to total wealth accumulation and wealth inequality across younger households.

中文翻译：

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美国各代人的财富是否稳定？来自小组研究的证据，1984-2017

祖父母的净财富积累似乎强烈决定了他们成年孙子女的净财富持有量。尽管了解了这些一般特征，但对于决定整体投资组合结果及其差异的财富成分的持久性知之甚少。我发现家庭投资组合成分（风险资产、安全资产、非金融资产）中的祖父母联系与当前一代的资产成分密切相关。同时，我发现财富构成的群体间差异持续存在，这解释了祖父母和父母的代际财富转移。我将净财富分解为有风险的、安全的、