Kapteyn, Arie; Alessie, Rob; Lusardi, Annamaria - 1999
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 … the head of the household entered thelabor market. The second measure summarizes the changes in Social Security during the …