| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP14667 |
| DP14667 Modigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016 | |
| Alina Bartscher; Moritz Kuhn; Moritz Schularick; Ulrike Steins | |
| 发表日期 | 2020-04-27 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | This paper studies the secular increase in U.S. household debt and its relation to growing income inequality and financial fragility. We exploit a new household-level dataset that covers the joint distributions of debt, income, and wealth in the United States over the past seven decades. The data show that increased borrowing by middle-class families with low income growth played a central role in rising indebtedness. Debt-to-income ratios have risen most dramatically for households between the 50th and 90th percentiles of the income distribution. While their income growth was low, middle-class families borrowed against the sizable housing wealth gains from rising home prices. Home equity borrowing accounts for about half of the increase in U.S. household debt between the 1970s and 2007. The resulting debt increase made balance sheets more sensitive to income and house price fluctuations and turned the American middle class into the epicenter of growing financial fragility. |
| 主题 | Economic History ; International Macroeconomics and Finance ; Macroeconomics and Growth ; Monetary Economics and Fluctuations |
| 关键词 | Household debt Inequality Household portfolios Financial fragility |
| URL | https://cepr.org/publications/dp14667 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/543583 |
| 推荐引用方式 GB/T 7714 | Alina Bartscher,Moritz Kuhn,Moritz Schularick,et al. DP14667 Modigliani Meets Minsky: Inequality, Debt, and Financial Fragility in America, 1950-2016. 2020. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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