This paper provides a detailed empirical assessment of the evolution of income inequality and the redistributive effects of the tax and transfer system following the 2007–2008 crisis. It focuses on the U.S. case, drawing on data from the Current Population Survey (CPS) for the period...

In various writings Karl Marx made references to an "aristocracy of finance" in Western Europe and the United States that dominated ownership of the public debt. Drawing on original research, this paper offers the first comprehensive analysis of the pattern of public debt ownership within the US...

The current sovereign debt crisis is widely believed to have been caused by insufficient budget discipline. However, the financial sector accounts reveal that public as well as private borrowing in the euro area was dwarfed by the synchronised explosion of assets and liabilities of financial...