Inequality, Leverage, and Crises
| Autor: | Michael Kumhof, Romain Rancière, Pablo Winant |
|---|---|
| Přispěvatelé: | Bank of England, Paris-Jourdan Sciences Economiques (PSE), École normale supérieure - Paris (ENS Paris)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), Paris School of Economics (PSE), International Monetary Fund (IMF), Ce travail a bénéficié d'une aide de l'Etat gérée par l'Agence Nationale de la Recherche au titre du programme « Investissements d'avenir » portant la référence ANR-10-LABX-93-01. This work was supported by the French National Research Agency, through the program Investissements d'Avenir, ANR-10--LABX_93-01, École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Institut National de la Recherche Agronomique (INRA)-École des hautes études en sciences sociales (EHESS)-École des Ponts ParisTech (ENPC)-Centre National de la Recherche Scientifique (CNRS), École des Ponts ParisTech (ENPC)-École normale supérieure - Paris (ENS Paris), Université Paris sciences et lettres (PSL)-Université Paris sciences et lettres (PSL)-Université Paris 1 Panthéon-Sorbonne (UP1)-Centre National de la Recherche Scientifique (CNRS)-École des hautes études en sciences sociales (EHESS)-Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement (INRAE) |
| Jazyk: | francouzština |
| Rok vydání: | 2015 |
| Předmět: |
Economics and Econometrics
Labour economics Leverage (finance) JEL: E - Macroeconomics and Monetary Economics/E.E3 - Prices Business Fluctuations and Cycles/E.E3.E32 - Business Fluctuations • Cycles Inequality JEL: G - Financial Economics/G.G0 - General/G.G0.G01 - Financial Crises media_common.quotation_subject jel:E44 Monetary economics jel:G01 household leverage Income distribution Economics jel:N22 10. No inequality media_common Western hemisphere Lower income group JEL: E - Macroeconomics and Monetary Economics/E.E4 - Money and Interest Rates/E.E4.E44 - Financial Markets and the Macroeconomy 1. No poverty jel:D33 jel:E32 jel:D31 [SHS.ECO]Humanities and Social Sciences/Economics and Finance crises JEL: D - Microeconomics/D.D3 - Distribution/D.D3.D31 - Personal Income Wealth and Their Distributions JEL: D - Microeconomics/D.D3 - Distribution/D.D3.D33 - Factor Income Distribution jel:D14 Bargaining power 8. Economic growth Financial crisis JEL: D - Microeconomics/D.D1 - Household Behavior and Family Economics/D.D1.D14 - Household Saving Personal Finance JEL: N - Economic History |
| Zdroj: | American Economic Review American Economic Review, American Economic Association, 2015, 105 (3), pp.1217-1245. ⟨10.1257/aer.20110683⟩ |
| ISSN: | 0002-8282 |
| DOI: | 10.1257/aer.20110683⟩ |
| Popis: | The paper studies how high household leverage and crises can be caused by changes in the income distribution. Empirically, the periods 1920–1929 and 1983–2008 both exhibited a large increase in the income share of high-income households, a large increase in debt leverage of low- and middle-income households, and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises are the endogenous result of a growing income share of high-income households. The model matches the profiles of the income distribution, the debt-to-income ratio and crisis risk for the three decades preceding the Great Recession. (JEL D14, D31, D33, E32, E44, G01, N22) |
| Databáze: | OpenAIRE |
| Externí odkaz: |
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