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Multigenerational Transmission of Wealth: Florence, 1403–1480

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  • Marianna Belloc
  • Francesco Drago
  • Mattia Fochesato
  • Roberto Galbiati

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.

Suggested Citation

  • Marianna Belloc & Francesco Drago & Mattia Fochesato & Roberto Galbiati, 2024. "Multigenerational Transmission of Wealth: Florence, 1403–1480," American Economic Journal: Applied Economics, American Economic Association, vol. 16(2), pages 99-129, April.
    • Handle: RePEc:aea:aejapp:v:16:y:2024:i:2:p:99-129
    DOI: 10.1257/app.20220137
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    More about this item

    JEL classification:

    • D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J12 - Labor and Demographic Economics - - Demographic Economics - - - Marriage; Marital Dissolution; Family Structure
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913

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