Arbeitspapier
Inequality, the risk of secular stagnation and the increase in household debt
I investigate the effect of rising income inequality on the natural rate of interest in an economy with "rich" households with preferences over wealth and "non-rich" households, a housing market and credit market frictions. Simulating the increase in interpersonal and functional income inequality over the 1981-2016 period replicates the downward trend in the natural rate of interest estimated by Laubach and Williams (2016), most of the increase in the debt-to-income ratio of the bottom 90 % of households and the upward trend in house prices observed during this period.
- Sprache
-
Englisch
- Erschienen in
-
Series: NBB Working Paper ; No. 375
- Klassifikation
-
Wirtschaft
Aggregate Factor Income Distribution
Monetary Policy
Interest Rates: Determination, Term Structure, and Effects
Household Saving; Personal Finance
- Thema
-
Income inequality
natural rate of interest
secular stagnation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Rannenberg, Ansgar
- Ereignis
-
Veröffentlichung
- (wer)
-
National Bank of Belgium
- (wo)
-
Brussels
- (wann)
-
2019
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:41 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Rannenberg, Ansgar
- National Bank of Belgium
Entstanden
- 2019
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