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Author email addresses: Borella (firstname.lastname@example.org), De Nardi (denardim@ nber.org), Yang (email@example.com). Borella gratefully acknowledges financial support from the Italian Ministry of Education, University and Research (MIUR), Dipartimenti di Eccellenza grant 2018–2022. De Nardi gratefully acknowledges financial support from the NORFACE Dynamics of Inequality across the Life-Course (TRISP) grant 462-16-122. We thank Jonathan Parker, Marty Eichenbaum, and Erik Hurst, who encouraged us to investigate the changes in opportunities and outcomes across cohorts and provided us with valuable feedback. We also thank our discussants, Richard Blundell and Greg Kaplan, for sharing their views and thus helping us strengthen our work. We are grateful to Daron Acemoglu, Marco Bassetto, Joan Gieseke, John Bailey Jones, Rory McGee, Derek Neal, Gonzalo Paz-Pardo, Richard Rogerson, Rob Shimer, and seminar participants at various institutions for useful comments. The views expressed herein are those of the authors and do not necessarily reflect the views of NBER, Center for Economic and Policy Research, any agency of the federal government, the Federal Reserve Bank of Minneapolis, or the Federal Reserve System. For acknowledgments, sources of research support, and disclosure of the authors’ material financial relationships, if any, please see https://www.nber .org/chapters/c14249.ack.