Consequences of Rising Income Inequality

Kevin Lansing and Agnieszka Markiewicz ()

FRBSF Economic Letter, 2016

Abstract: The increase in U.S. income inequality since 1970 largely reflects gains made by households in the top 20% of the income distribution. Estimates suggest that households outside this group have suffered significant losses from foregone consumption, measured relative to a scenario that holds inequality constant. A substantial mitigating factor for the losses has been the dramatic rise in government redistributive transfers, which have doubled as a share of U.S. output over the same period.

Date: 2016
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