The impact of the Great Recession on the incomes of households

John Micklewright ()

No 12-07, DoQSS Working Papers from Quantitative Social Science - UCL Social Research Institute, University College London

Abstract: What are the impacts on household incomes of the major economic downturn that occurred in almost all OECD countries starting in late 2007? This paper is a condensed version of a public lecture given at the University of Melbourne in honour of R. I. Downing. It draws on a study of 21 rich countries using data from national accounts, household surveys, and other sources. The headline findings are that for most countries, there was little change in household income distributions in the two years following the downturn (2007–9), but in the subsequent five to ten years, much greater change is likely, as a result of governments' fiscal consolidation and the slow pace of economic recovery. The social safety nets developed since the Great Depression therefore played an important cushioning role in the short term.

Keywords: Great Recession; income distribution; living standards; households. (search for similar items in EconPapers)
JEL-codes: D31 E24 E62 H50 H60 I32 (search for similar items in EconPapers)
Date: 2012-10-22
New Economics Papers: this item is included in nep-cwa
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