Has economic mobility declined?

No, says a new paper by Raj Chetty et al.:

"We present new evidence on trends in intergenerational mobility in the U.S. using administrative earnings records. We find that percentile rank-based measures of intergenerational mobility have remained extremely stable for the 1971-1993 birth cohorts....[C]hildren entering the labor market today have the same chances of moving up in the income distribution (relative to their parents) as children born in the 1970s."