captures the main patterns of inequality, between and within the social groupings. We find that the effects of peer pressure on … within-group inequality differ between groups. We also find that wealth and consumption inequality increase within groups who … aspire to match social targets from a higher class, despite a reduction in within-group inequality in hours and earnings. …

We study how income inequality affects monetary policy through the inequality-household debt channel. We design a … rate and decreasing bankruptcies during the household's debt boom phase. When inequality meets financial liberalization, a … that inequality may constrain the central bank, even when it is not explicitly targeted. …

recovery in the 1930s, especially the New Deal. The role of income inequality before and during the Great Depression, however …, has almost never been discussed thoroughly. This paper attempts to answer two questions. Firstly, was inequality perceived … policy design did take seriously the problem of inequality? Using official documents such as transcripts of Roosevelt …

capitalism, the Great Depression. However, the role of rising income inequality, which has risen dramatically before both crises …, is rarely discussed. In this paper we discuss the rise of top-end inequality and its effects on household consumption …, saving, and debt for the 1920s by applying a non-standard theory of consumption, the relative income hypothesis, to the …

This paper discusses the rise of top-end inequality and its effects on household consumption, saving, and debt in the … United States during the 1920s by applying a non-standard theory of consumption, the relative income hypothesis, to the … period of interest. Analysing the relevant data descriptively, the paper argues that income inequality is linked to the …

1980s can be explained by the interplay of rising (top-end) household income inequality and institutions. On the other hand …