It is well-known that individuals born in different periods of time (cohorts)exhibit different wealth accumulation … accumulate wealth. The first one represents productivitydifferences across cohorts: the aggregate level of GNP per capita when … wealth holdings of different cohorts. In comparison with the cohorts that lived without SocialSecurity for a portion of their …

declines in housing wealth, but who were employed at the same firm and lived in the same area at the onset of the 2008 crisis …. We find that, following a negative wealth shock, innovative workers become less productive, and generate lower economic …