The nullification of slave wealth after the U.S. Civil War (1861-65) was one of the largest episodes of wealth … wealth by 1870, relative to households that had been equally wealthy before the war. Yet, the sons of former slaveholders … families. Transmission of entrepreneurship and skills appear less central …

using administrative data from Germany and find that highly productive firms indeed sort into the most productive locations …. In our main application, we quantify the role of firm sorting for wage differences between East and West Germany, which …

intergenerational wealth effects. Using panel data from school zones within a large U.S. school district, we find that higher local … quantify this housing wealth channel using an overlapping generations model with neighborhood choice, spatial equilibrium, and … endogenous school quality. Housing market shocks in the model generate large intra- and intergenerational wealth effects, with …

empirical strategy is to determine whether an individual's wealth affects the probability of becoming an entrepreneur, and the …