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Title: Inter-generational transmission of wealth shocks: Evidence from the US Civil War

Citation Type: Miscellaneous

Publication Year: 2016

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Abstract: Slave emancipation and falling land values in the US South after the Civil War generated a large wealth loss for white southerners. Households that faced greater exposure to this wealth shock because of their initial asset allocation and/or residence in an affected county held less wealth in 1870. Sons of affected fathers had lower occupation-based earnings at age 30 and to a lesser extent at age 50, both within and outside of agriculture. Our estimates imply an elasticity between fathers wealth and sons income of 0.15 (at age 30) and 0.04 (at age 50).

Url: http://www.eh.net/eha/wp-content/uploads/2016/08/AgerBoustanEriksson.pdf

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Authors: Ager, Philipp; Boustan, Leah; Eriksson, Katherine

Publisher: University of Southern Denmark

Data Collections: IPUMS USA

Topics: Family and Marriage, Poverty and Welfare, Race and Ethnicity

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