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 …

paper we study the effect of this developmenton the demand for second mortgages and on the savings of Dutch households. We …) the savings of renters that may be considered as would-beowners. We find a significant effect of home equity on the demand … for second mortgages.Savings of homeowners decrease when house prices accelerate. We find no evidence that inc …