In his widely discussed book 'Fault Lines'(2010), Raghuram Rajan argues that many low
and middle income consumers have reduced their saving and increased debt since income …

In this paper, we put into perspective the recent literature which points to inequality as a
possible cause of credit bubbles, by reintegrating it into a more general analysis on the two …

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 …

At the height of the Great Depression a number of leading US economists advanced a
proposal for monetary reform that became known as the Chicago Plan. It envisaged the …

The article argues that the economic imbalances that caused the present crisis should be
thought of as the outcome of the interaction of the effects of financial deregulation with the …

Rising inequality reduced income growth for the bottom 95% of the US personal income
distribution beginning about 1980. To maintain stable debt to income, this group's …

The study examines empirical relationships between income inequality and three features of
finance: depth (financial sector size relative to the economy), inclusion (access to and use of …

In the three decades leading up to the financial crisis of 2008/09, income inequality rose
across much of the developed world. This has led to a vigorous debate as to whether …

This paper extends and contributes to the literature on the drivers of income inequality in
West Africa. Principally, it empirically assesses the impact of key domestic and external …

This paper extends the theoretical concept of wage‐led and profit‐led demand regimes by
incorporating relative consumption concerns. Specifically, it integrates the V eblenian …