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Inequality-constrained monetary policy in a financialized economy

Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023

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. …

Persistent link: https://www.econbiz.de/10014541726

The Distributional Effects of Peer and Aspirational Pressure

Angelopoulos, Konstantinos; Lazarakis, Spyridon; Malley, Jim - 2019

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. …

Persistent link: https://www.econbiz.de/10012141039

The distributional effects of peer and aspirational pressure

Angelopulos, Kōnstantinos; Lazarakis, Spyridon; … - 2019

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. …

Persistent link: https://www.econbiz.de/10012103597

Inequality-constrained monetary policy in a financialized economy

Fierro, Luca Eduardo; Giri, Federico; Russo, Alberto - 2023

Persistent link: https://www.econbiz.de/10013548811

In Defense of Inequality

Welch, Finis - In: American Economic Review 89 (1999) 2, pp. 1-17

Persistent link: https://www.econbiz.de/10005563253

The Great Depression(s) of 1929-1933 and 2007-2009? Parallels, Differences and Policy Lessons

Eigner, Peter - 2015

financial institutions, as well as pronounced economic inequality. Measures taken during each of the crises differed markedly …

Persistent link: https://www.econbiz.de/10013021968

Society must transform the international financial system in order to stabilise the ecosystem

Pettifor, Ann - In: Economic policies for sustainability and resilience, (pp. 179-222). 2022

To stabilise the ecosystem at national, global levels, society must first transform the international financial system. The overt intent of financial globalisation is to wrench power over the domestic economy away from democratic governments and transfer this power to markets that now manage...

Persistent link: https://www.econbiz.de/10012799022

Inequality, Leverage, and Crises

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...

Persistent link: https://www.econbiz.de/10011188462

Liquidity Traps and Large-Scale Financial Crises

Caggiano, Giovanni; Castelnuovo, Efrem; Damette, Olivier; … - 2018

This paper estimates a nonlinear Threshold-VAR to investigate if a Keynesian liquidity trap due to a speculative motive was in place in the U.S. Great Depression and the recent Great Recession. We find clear evidence in favor of a breakdown of the liquidity effect after an unexpected increase in...

Persistent link: https://www.econbiz.de/10011872153

Liquidating bankers' acceptances: International crisis, doctrinal conflict and American exceptionalism in the Federal Reserve 1913-1932

Adam, Marc Christopher - 2020

This paper seeks to explain the collapse of the market for bankers' acceptances between 1931 and 1932 by tracing the doctrinal foundations of Federal Reserve policy and regulations back to the Federal Reserve Act of 1913. I argue that a determinant of the collapse of the market was Carter Glass'...

Persistent link: https://www.econbiz.de/10012167690