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Wealth Mobility in the 1860s

Author

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  • Brandon Dupont
  • Joshua L. Rosenbloom

Abstract

We offer new evidence on the regional dynamics of wealth holding in the United States over the Civil War decade based on a hand-linked random sample of wealth holders drawn from the 1860 census. Despite the wealth shock caused by emancipation, we find that patterns of wealth mobility were broadly similar for northern and southern residents in 1860. Looking at the determinants of individual wealth holding in 1870, we find that the elasticity with respect to 1860 wealth was quite low in both regions—consistent with high levels of wealth mobility.

Suggested Citation

  • Brandon Dupont & Joshua L. Rosenbloom, 2020. "Wealth Mobility in the 1860s," NBER Working Papers 27968, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:27968
    Note: DAE
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    JEL classification:

    • N11 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: Pre-1913
    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913
    • N91 - Economic History - - Regional and Urban History - - - U.S.; Canada: Pre-1913

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