Abstract
"A simulation model is developed to account for observed changes in mean household wealth both overall and by age cohort over the 1962-1983 period in the United States. There are three major findings. First, capital gains are the major factor explaining overall wealth changes and account for 77% of the simulated growth in wealth over the entire period. Second, for cohorts under age 40, inheritance and inter vivos transfers dominate observed changes in wealth....Third, while differences in portfolio composition favored the younger cohorts over this period, such differences do not explain a large portion of the great variation in real wealth changes by cohort over the two decade period."
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