35 Ergebnisse
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In: Beiträge des Instituts für Empirische Wirtschaftsforschung 74
In: NBER Working Paper No. w25701
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In: International Economic Review, Band 60, Heft 2, S. 721-749
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In: The economic journal: the journal of the Royal Economic Society, Band 121, Heft 555, S. 905-930
ISSN: 1468-0297
In: NBER Working Paper No. w23994
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In: IMF Working Papers, S. 1-33
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In: IMF Working Paper, S. 1-32
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In: NBER Working Paper No. w26049
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In: NBER Working Paper No. w24474
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Working paper
In: ECB Working Paper No. 2215
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In: American economic review, Band 105, Heft 3, S. 1217-1245
ISSN: 1944-7981
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)
In: Journal of development economics, Band 89, Heft 2, S. 210-222
ISSN: 0304-3878
