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Levarging inequality

Author

Listed:
  • Michael Kumhof
  • Romain Rancière

    (IMF - International Monetary Fund - International Monetary Fund (IMF))

Abstract

The United States experienced two major economic crises over the past 100 years-the Great Depression of 1929 and the Great Recession of 2007. Income inequality may have played a role in the origins of both income inequality may have played a role in the origins of both. We say this because there are two remarkable similarities between the eras preceding these crises: a sharp increase in income inequality and a sharp increase in household debt-to-income ratios.

Suggested Citation

  • Michael Kumhof & Romain Rancière, 2010. "Levarging inequality," Post-Print halshs-00754409, HAL.
    • Handle: RePEc:hal:journl:halshs-00754409
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    Cited by:

    1. Cardaci, Alberto, 2018. "Inequality, household debt and financial instability: An agent-based perspective," Journal of Economic Behavior & Organization, Elsevier, vol. 149(C), pages 434-458.

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