Ager, Philipp
[VerfasserIn]
;
Boustan, Leah Platt
[Sonstige Person, Familie und Körperschaft];
Eriksson, Katherine
[Sonstige Person, Familie und Körperschaft]National Bureau of Economic Research
The Intergenerational Effects of a Large Wealth Shock
Erschienen:
Cambridge, Mass: National Bureau of Economic Research, 2019
Erschienen in:NBER working paper series ; no. w25700
Umfang:
1 Online-Ressource; illustrations (black and white)
Sprache:
Englisch
DOI:
10.3386/w25700
Identifikator:
Reproduktionsnotiz:
Hardcopy version available to institutional subscribers
Entstehung:
Anmerkungen:
System requirements: Adobe [Acrobat] Reader required for PDF files
Mode of access: World Wide Web
Beschreibung:
The nullification of slave wealth after the U.S. Civil War (1861-65) was one of the largest episodes of wealth compressions in history. We document that white Southern households holding more slave assets in 1860 lost substantially more wealth by 1870, relative to households that had been equally wealthy before the war. Yet, the sons of former slaveholders recovered relative to comparable sons by 1900, and grandsons surpassed their counterparts in educational and occupational attainment by 1940. We find that social networks facilitated this recovery, with sons marrying into other former slaveholding families. Transmission of entrepreneurship and skills appear less central