| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26940 |
| 来源ID | Working Paper 26940 |
| Indebted Demand | |
| Atif R. Mian; Ludwig Straub; Amir Sufi | |
| 发表日期 | 2020-04-06 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower aggregate demand, and thus natural interest rates. At the core of the theory is the simple yet under-appreciated observation that borrowers and savers differ in their marginal propensities to save out of permanent income. Embedding this insight in a two-agent overlapping-generations model, we find that recent trends in income inequality and financial liberalization lead to indebted household demand, pushing down natural interest rates. Moreover, popular expansionary policies—such as accommodative monetary policy and deficit spending—generate a debt-financed short-run boom at the expense of indebted demand in the future. When demand is sufficiently indebted, the economy gets stuck in a debt-driven liquidity trap, or debt trap. Escaping a debt trap requires consideration of less standard macroeconomic policies, such as those focused on redistribution or those reducing the structural sources of high inequality. |
| 主题 | Microeconomics ; Market Structure and Distribution ; Macroeconomics ; Consumption and Investment ; Business Cycles ; Money and Interest Rates ; Monetary Policy ; Fiscal Policy ; Financial Economics |
| URL | https://www.nber.org/papers/w26940 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584613 |
| 推荐引用方式 GB/T 7714 | Atif R. Mian,Ludwig Straub,Amir Sufi. Indebted Demand. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26940.pdf（706KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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