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portada International Finance Discussion Papers: Income Inequality and Macroeconomic Fluctuations
Type
Physical Book
Author
Publisher
Language
English
Pages
34
Format
Paperback
Dimensions
24.6x18.9x0.2 cm
Weight
0.08 kg.
ISBN13
9781288734023
Categories

International Finance Discussion Papers: Income Inequality and Macroeconomic Fluctuations

United States Federal Reserve Board (Author) · Murat F. Iyigun (Author) · Ann L. Owen (Author) · Bibliogov · Paperback

International Finance Discussion Papers: Income Inequality and Macroeconomic Fluctuations - United States Federal Reserve Board ; Iyigun, Murat F. ; Owen, Ann L.

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Synopsis "International Finance Discussion Papers: Income Inequality and Macroeconomic Fluctuations"

When per capita income is low, increases in income inequality make macroeconomic cycles less severe. We present a model in which access to credit is based on earnings potential. If low as well as middle income individuals are credit constrained, increases in income inequality lead to smaller fluctuations in aggregate consumption and output. Empirical evidence from cross-country data supports the view that greater income inequality causes lower variation of real consumption and output growth in low income countries. When per capita income is high, however, this effect is reversed.

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