Multigenerational Transmission of Wealth: Florence, 1403-1480

• 成果类型: Article
• 署名作者: Belloc, Marianna; Drago, Francesco; Fochesato, Mattia; Galbiati, Roberto
• 署名单位: Sapienza University Rome; University of Catania; Bocconi University; Bocconi University; Centre National de la Recherche Scientifique (CNRS)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-APPLIED ECONOMICS
• ISSN/ISSBN: 1945-7782
• DOI: 10.1257/app.20220137
• 发表日期: 2024
• 页码: 99-129
• 关键词: social-mobility; intergenerational mobility; INEQUALITY; marriage; ECONOMY; Elite

摘要

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 )