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Household Debt Accumulation and the Great Recession of the United States: A Comparative Perspective

Yk Kim

Review of Radical Political Economics, 2020, vol. 52, issue 1, 26-49

Abstract: The Great Recession has provided an important intellectual challenge to both post-Keynesian and mainstream economists. In this article we survey some post-Keynesian views on household debt accumulation and the Great Recession of the United States, as well as the Atif Mian and Amir Sufi’s studies, perhaps the most influential and empirically-oriented studies of mainstream economics. We identify and distinguish their policy perspectives, and highlight commonalities and differences between them. By examining both post-Keynesian and Mian and Sufi’s views together, this paper emphasizes that, although there are clear differences between them, a careful examination reveals valuable complementarity which yields a better understanding of household debt accumulation and the Great Recession of the United States. JEL classification : E21, E32, E52, E62

Keywords: household debt; Great Recession; relative income hypothesis; inequality; securitization; subprime mortgage (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1177/0486613419868031

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Handle: RePEc:sae:reorpe:v:52:y:2020:i:1:p:26-49