Belloc, Marianna et al
Multigenerational transmission of wealth: Florence, 1403–1480 - American Economic Journal: Applied Economic - 16(2), Apr, 2024: p.99-129
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.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/app.20220137
Hand-Collected Data, Households' Wealth Assessments, Multigenerational Mobility, Florence, Late Middle Ages, Two-Generation Estimates, Wealth Transmission, Unobserved Latent Factor, Long-Run Persistence, Marriage Networks, Politics, Economic Status, Generational Persistence
Multigenerational transmission of wealth: Florence, 1403–1480 - American Economic Journal: Applied Economic - 16(2), Apr, 2024: p.99-129
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.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/app.20220137
Hand-Collected Data, Households' Wealth Assessments, Multigenerational Mobility, Florence, Late Middle Ages, Two-Generation Estimates, Wealth Transmission, Unobserved Latent Factor, Long-Run Persistence, Marriage Networks, Politics, Economic Status, Generational Persistence