Inequality and Recessions

Gene Amromin, Mariacristina De Nardi and Karl Schulze

Chicago Fed Letter, 2018, No 392

Abstract: The increase in inequality over the past several decades has received widespread attention from both academics and the public at large. While much of this discourse centers on either the causes or normative implications of increasing inequality, it is important to ask whether the widening gap between the rich and poor has any direct effects on macroeconomic aggregates and, in particular, on the severity of the Great Recession, when output and consumption dropped precipitously and were slow to recover (see figure 1).

Keywords: Households; inequality; recession (search for similar items in EconPapers)
Date: 2018
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