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Multigenerational Transmission of Wealth: Florence 1403-1480

Author

Listed:
  • Marianna Belloc

    (UNIROMA - Università degli Studi di Roma "La Sapienza" = Sapienza University [Rome], CEPR - Center for Economic Policy Research)

  • Francesco Drago

    (Unict - Università degli studi di Catania = University of Catania, CEPR - Center for Economic Policy Research)

  • Mattia Fochesato

    (Università Bocconi)

  • Roberto Galbiati

    (ECON - Département d'économie (Sciences Po) - Sciences Po - Sciences Po - CNRS - Centre National de la Recherche Scientifique, CEPR - Center for Economic Policy Research)

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 generations 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 in politics correlates with persistence of the economic status across generations.

Suggested Citation

  • Marianna Belloc & Francesco Drago & Mattia Fochesato & Roberto Galbiati, 2023. "Multigenerational Transmission of Wealth: Florence 1403-1480," SciencePo Working papers Main hal-04317531, HAL.
    • Handle: RePEc:hal:spmain:hal-04317531
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-04317531
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    Keywords

    Wealth transmission social mobility multiple generations latent factors; Wealth transmission; social mobility; multiple generations; latent factors;
    All these keywords.

    JEL classification:

    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • N00 - Economic History - - General - - - General

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