Kumhof, Michael; Rancière, Romain; Winant, Pablo - In: American Economic Review 105 (2015) 3, pp. 1217-45
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...