Multigenerational Transmission of Wealth: Florence, 1403–1480

Marianna Belloc, Francesco Drago, Mattia Fochesato and Roberto Galbiati

American Economic Journal: Applied Economics, 2024, vol. 16, issue 2, 99-129

Abstract: By using hand-collected data on households' wealth assessments, we study multigenerational mobility in Florence during the late Middle Ages. We find that Florentine society was more mobile than one would expect but also that multigenerational mobility was lower than implied by two-generation estimates. We reconcile these findings by showing their consistency with a model where wealth transmission is governed by an unobserved latent factor. We also show that, given our estimates, this model is compatible with the long run persistence obtained by previous studies. Finally, we find that participation in marriage networks and politics correlates with persistence of economic status across generations.

JEL-codes: D31 G51 J12 J62 N33 (search for similar items in EconPapers)
Date: 2024
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Working Paper: Multigenerational Transmission of Wealth: Florence 1403-1480 (2023)
Working Paper: Multigenerational Transmission of Wealth: Florence 1403-1480 (2023)
Working Paper: Multigenerational Transmission of Wealth: Florence 1403-1480 (2023)
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DOI: 10.1257/app.20220137

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