IDEAS home Printed from https://ideas.repec.org/p/cpr/ceprdp/18006.html
   My bibliography  Save this paper

Multigenerational Transmission of Wealth: Florence 1403-1480

Author

Listed:
  • Belloc, Marianna
  • Drago, Francesco
  • Fochesato, Mattia
  • Galbiati, Roberto

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

  • Belloc, Marianna & Drago, Francesco & Fochesato, Mattia & Galbiati, Roberto, 2023. "Multigenerational Transmission of Wealth: Florence 1403-1480," CEPR Discussion Papers 18006, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:18006
    as

    Download full text from publisher

    File URL: https://cepr.org/publications/DP18006
    Download Restriction: CEPR Discussion Papers are free to download for our researchers, subscribers and members. If you fall into one of these categories but have trouble downloading our papers, please contact us at subscribers@cepr.org
    ---><---

    As the access to this document is restricted, you may want to look for a different version below or search for a different version of it.

    Other versions of this item:

    References listed on IDEAS

    as
    1. Braun, Sebastian Till & Stuhler, Jan, 2018. "The Transmission of Inequality Across Multiple Generations: Testing Recent Theories with Evidence from Germany," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 128(609), pages 576-611.
    2. Adrian Adermon & Mikael Lindahl & Mårten Palme, 2021. "Dynastic Human Capital, Inequality, and Intergenerational Mobility," American Economic Review, American Economic Association, vol. 111(5), pages 1523-1548, May.
    3. S.J. Payling, 1992. "Social mobility, demographic change, and landed society in late medieval England," Economic History Review, Economic History Society, vol. 45(1), pages 51-73, February.
    4. Adrian Adermon & Mikael Lindahl & Daniel Waldenström, 2018. "Intergenerational Wealth Mobility and the Role of Inheritance: Evidence from Multiple Generations," Economic Journal, Royal Economic Society, vol. 128(612), pages 482-513, July.
    5. Kerwin Kofi Charles & Erik Hurst, 2003. "The Correlation of Wealth across Generations," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1155-1182, December.
    6. Thomas Piketty & Gilles Postel-Vinay & Jean-Laurent Rosenthal, 2006. "Wealth Concentration in a Developing Economy: Paris and France, 1807–1994," American Economic Review, American Economic Association, vol. 96(1), pages 236-256, March.
    7. Gregory Clark & Neil Cummins, 2015. "Intergenerational Wealth Mobility in England, 1858–2012: Surnames and Social Mobility," Economic Journal, Royal Economic Society, vol. 125(582), pages 61-85, February.
    8. Maia Güell & Michele Pellizzari & Giovanni Pica & José V. Rodríguez Mora, 2018. "Correlating Social Mobility and Economic Outcomes," Economic Journal, Royal Economic Society, vol. 128(612), pages 353-403, July.
    9. Gary Solon, 2018. "What Do We Know So Far about Multigenerational Mobility?," Economic Journal, Royal Economic Society, vol. 128(612), pages 340-352, July.
    10. Cummins, Neil, 2017. "Lifespans of the European Elite, 800–1800," The Journal of Economic History, Cambridge University Press, vol. 77(2), pages 406-439, June.
    11. Guglielmo Barone & Sauro Mocetti, 2021. "Intergenerational Mobility in the Very Long Run: Florence 1427–2011 [Intergenerational Economic Mobility in the United States, 1940 to 2000]," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 88(4), pages 1863-1891.
    12. Raj Chetty & Nathaniel Hendren & Patrick Kline & Emmanuel Saez, 2014. "Where is the land of Opportunity? The Geography of Intergenerational Mobility in the United States," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 129(4), pages 1553-1623.
    13. Botticini, Maristella, 1999. "A Loveless Economy? Intergenerational Altruism and the Marriage Market in a Tuscan Town, 1415–1436," The Journal of Economic History, Cambridge University Press, vol. 59(1), pages 104-121, March.
    14. Philipp Ager & Leah Boustan & Katherine Eriksson, 2021. "The Intergenerational Effects of a Large Wealth Shock: White Southerners after the Civil War," American Economic Review, American Economic Association, vol. 111(11), pages 3767-3794, November.
    15. Gregory Clark, 2015. "The Son Also Rises: Surnames and the History of Social Mobility," Economics Books, Princeton University Press, edition 1, volume 1, number 10181-2.
    16. Robert Mare, 2011. "A Multigenerational View of Inequality," Demography, Springer;Population Association of America (PAA), vol. 48(1), pages 1-23, February.
    17. Lopez,Robert S., 1976. "The Commercial Revolution of the Middle Ages, 950–1350," Cambridge Books, Cambridge University Press, number 9780521290463, Enero.
    18. Sebastian Till Braun & Jan Stuhler, 2018. "The Transmission of Inequality Across Multiple Generations: Testing Recent Theories with Evidence from Germany," Economic Journal, Royal Economic Society, vol. 128(609), pages 576-611, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Adrian Adermon & Mikael Lindahl & Daniel Waldenström, 2018. "Intergenerational Wealth Mobility and the Role of Inheritance: Evidence from Multiple Generations," Economic Journal, Royal Economic Society, vol. 128(612), pages 482-513, July.
    2. Adrian Adermon & Mikael Lindahl & Mårten Palme, 2021. "Dynastic Human Capital, Inequality, and Intergenerational Mobility," American Economic Review, American Economic Association, vol. 111(5), pages 1523-1548, May.
    3. Shiue, Carol, 2019. "Social Mobility in the Long Run: A Temporal Analysis of China from 1300 to 1900," CEPR Discussion Papers 13589, C.E.P.R. Discussion Papers.
    4. Colagrossi, Marco & d’Hombres, Béatrice & Schnepf, Sylke V, 2020. "Like (grand)parent, like child? Multigenerational mobility across the EU," European Economic Review, Elsevier, vol. 130(C).
    5. Martin Nybom & Jan Stuhler, 2019. "Steady-state assumptions in intergenerational mobility research," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 17(1), pages 77-97, March.
    6. Bernt Bratsberg & Simen Markussen & Oddbjørn Raaum & Knut Røed & Ole Røgeberg, 2023. "Trends in Assortative Mating and Offspring Outcomes," The Economic Journal, Royal Economic Society, vol. 133(651), pages 928-950.
    7. M Dolores Collado & Ignacio Ortuño-Ortín & Jan Stuhler, 2023. "Estimating Intergenerational and Assortative Processes in Extended Family Data," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 90(3), pages 1195-1227.
    8. Catherine Guirkinger & Gani Aldashev & Alisher Aldashev & Mate Fodor, 2022. "Economic Persistence Despite Adverse Policies: Evidence from Kyrgyzstan," The Economic Journal, Royal Economic Society, vol. 132(641), pages 258-272.
    9. Pablo Celhay & Sebastian Gallegos, 2025. "Schooling mobility across three generations in six Latin American countries," Journal of Population Economics, Springer;European Society for Population Economics, vol. 38(1), pages 1-35, March.
    10. Wei Zou & Ruiqi Ma, 2024. "An Extended Family Perspective on Intergenerational Human Capital Transmission in China," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 174(3), pages 1101-1139, September.
    11. Luca Spinesi, 2022. "The Environmental Tax: Effects on Inequality and Growth," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 82(3), pages 529-572, July.
    12. Marco Colagrossi & Andrea Geraci & Gianluca Mazzarella, 2023. "Intergenerational mobility in the Netherlands: models, outcomes and trends," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 21(4), pages 775-788, December.
    13. Simon Halphen Boserup & Wojciech Kopczuk & Claus Thustrup Kreiner, 2018. "Born with a Silver Spoon? Danish Evidence on Wealth Inequality in Childhood," Economic Journal, Royal Economic Society, vol. 128(612), pages 514-544, July.
    14. Giovanni Razzu & Ayago Wambile, 2020. "Three-generation educational mobility in six African countries," Economics Discussion Papers em-dp2020-23, Department of Economics, University of Reading.
    15. Jo Blanden & Matthias Doepke & Jan Stuhler, 2022. "Education inequality," CEP Discussion Papers dp1849, Centre for Economic Performance, LSE.
    16. de la Croix, David & Goñi, Marc, 2020. "Nepotism vs. Intergenerational Transmission of Human Capital in Academia (1088--1800)," CEPR Discussion Papers 15159, C.E.P.R. Discussion Papers.
    17. Aydemir, Abdurrahman B. & Yazici, Hakki, 2019. "Intergenerational education mobility and the level of development," European Economic Review, Elsevier, vol. 116(C), pages 160-185.
    18. Güell, Maia & Rodríguez Mora, José V & Solon, Gary, 2018. "New Directions in Measuring Intergenerational Mobility," CEPR Discussion Papers 12959, C.E.P.R. Discussion Papers.
    19. Paul Gregg & Ricky Kanabar, 2023. "Intergenerational wealth transmission in Great Britain," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 69(4), pages 807-837, December.
    20. Jan Stuhler, 2018. "A Review of Intergenerational Mobility and its Drivers," JRC Research Reports JRC112247, Joint Research Centre.

    More about this item

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cpr:ceprdp:18006. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: the person in charge (email available below). General contact details of provider: https://www.cepr.org .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.