Multigenerational Transmission of Wealth: Florence, 1403–1480
Marianna Belloc,
Francesco Drago,
Mattia Fochesato
et al.
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 t… Show more
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