Table 5. Odds ratios of good cognitive functioning of an average or boom birth year (year t), year before birth (year t−1), and year after birth (year t+1); recession is the reference category.

Dependent variable	Business cycle
	year of birth (t)		year before birth (t−1)		year after birth (t+1)
	Average	Boom	Average	Boom	Average	Boom
	BASIC MODELS
Summary score	1.108	1.208**	0.972	1.039	0.990	0.986
	(0.069)	(0.096)	(0.067)	(0.069)	(0.035)	(0.061)
Orientation in time	1.018	1.010	0.890*	0.978	1.083	1.091
	(0.093)	(0.075)	(0.050)	(0.061)	(0.078)	(0.095)
Numeracy	1.108	1.130	1.030	1.096	1.021	1.000
	(0.035)	(0.095)	(0.080)	(0.082)	(0.030)	(0.061)
Verbal fluency	1.035	1.142	0.960	1.039	0.960	0.914
	(0.071)	(0.136)	(0.057)	(0.100)	(0.086)	(0.061)
Recall (1st)	1.070	1.185**	0.999	1.021	1.007	0.919
	(0.065)	(0.101)	(0.068)	(0.100)	(0.042)	(0.071)
Recall (2nd)	1.002	1.065	1.041	1.115**	1.071	0.989
	(0.082)	(0.094)	(0.052)	(0.060)	(0.050)	(0.053)
	COMPLETE MODEL
Summary score	1.127*	1.233**	0.963	1.018	0.982	0.988
	(0.072)	(0.105)	(0.066)	(0.065)	(0.036)	(0.062)

Data source: SHARE waves 1, 2, and 4; all cells contain odds ratios reported from logit regression models. Robust standard errors are in parentheses. Basic models control for sex, age and country. The complete model in addition controls for education, family status, number of children, BMI, ADL, depression, smoking and chronic diseases. ***p< = 0.01; **p< = 0.05; *p< = 0.1.