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)
Additional contact information
Roberto Galbiati: ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique

SciencePo Working papers Main from HAL

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
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-04799050v1
References: Add references at CitEc
Citations:

Published in American Economic Journal: Applied Economics, 2024, 16 (2), pp.99-129. ⟨10.1257/app.20220137⟩

Downloads: (external link)
https://shs.hal.science/halshs-04799050v1/document (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

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

DOI: 10.1257/app.20220137

Access Statistics for this paper

More papers in SciencePo Working papers Main from HAL
Bibliographic data for series maintained by Contact - Sciences Po Departement of Economics (guillaume.sarratdetramezaigues@sciences-po.org).