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Intergenerational mobility and its consequences on individuals' attitudes, behaviors, and various outcomes have been a central topic in sociological and demographic research. Based on a critical assessment of previous methods that often impose simple yet unrealistic constraints, we propose a new method, called "mobility contrast model", for estimating and investigating the effects of intergenerational mobility. This new method is flexible for describing heterogeneity in mobility effects between mobile groups depending on their origin and destination status. Using this model to analyze the data from the General Social Survey 1974-2016, we found little association between mobility and fertility, but substantial and important gender and race differences in mobility effects on divorce rates and overall health.