Explaining the Wealth Holdings of Different Cohorts: Productivity Growth and Social Security

It is well-known that individuals born in different periods of time (cohorts)exhibit different wealth accumulation paths. While previous studies have usedcohort dummies to proxy for this fact, research in this area suffers from aserious identification problem, i.e., how to disentangle age, time, and cohorteffects from a simple cross-section or a time series of cross-sections.In this paper we propose to go beyond the simple use of cohort dummies to capture the differences inwealth accumulation across individuals born in different time periods. We introduce two indicators of theeconomic conditio... Mehr ...