Multigenerational Transmission of Wealth: Florence, 1403–1480

Marianna Belloc (marianna.belloc@uniroma1.it), Francesco Drago (francesco.drago@unict.it), Mattia Fochesato (mattia.fochesato@unibocconi.it) and Roberto Galbiati (galbiatir@gmail.com)
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Roberto Galbiati: ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique

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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 D31, G51, J12, J62, N33)

Keywords: Wealth transmission social mobility multiple generations latent factors; Wealth transmission; social mobility; multiple generations; latent factors (search for similar items in EconPapers)
Date: 2024-04-01
New Economics Papers: this item is included in nep-his
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04799050v1
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Published in American Economic Journal: Applied Economics, 2024, 16 (2), pp.99-129. ⟨10.1257/app.20220137⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-04799050

DOI: 10.1257/app.20220137

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