The DOI matches its Crossref record; 13 of the 13 references it cites were found in a registry or an index.
Rising household debt: Its causes and macroeconomic implications--a long-period analysis
Abstract
The article analyses the rise in household indebtedness from the point of view of its causes and long-run macroeconomic implications. The analysis is focussed on the US case. Differently from life-cycle interpretations of the phenomenon, and from interpretations in terms of erratic deviations of current income flows from their long-run trend, the rising household debt is viewed as the outcome of persistent changes in income distribution and growing income inequalities. Through household debt, low wages appear to have been brought to coexist with relatively high levels of aggregate demand, thus providing the solution to the contradiction between the necessity of high and rising consumption levels, for the growth of the system's actual output, and a framework of antagonistic conditions of distribution which keeps within limits the real income of the vast majority of society. The question of the long-run sustainability of this substitution of loans for wages is finally discussed.
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Cites
Income Inequality in the United States, 1913-1998
Piketty, T., & Saez, E. (2003) · The Quarterly Journal of Economics · doi:10.1162/00335530360535135 · Cited by 3,769
House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle
Iacoviello, M. (2005) · American Economic Review · doi:10.1257/0002828054201477 · Cited by 2,476
Dynan, K. E., Skinner, J., & Zeldes, S. P. (2004) · Journal of Political Economy · doi:10.1086/381475 · Cited by 1,019
Saving, Growth, and Liquidity Constraints
Jappelli, T., & Pagano, M. (1994) · The Quarterly Journal of Economics · doi:10.2307/2118429 · Cited by 799
Does Income Inequality Lead to Consumption Inequality? Evidence and Theory1
KRUEGER, D., & PERRI, F. (2006) · Review of Economic Studies · doi:10.1111/j.1467-937x.2006.00373.x · Cited by 777
Assessing Dynamic Efficiency: Theory and Evidence
Abel, A. B., Mankiw, N. G., Summers, L. H., & Zeckhauser, R. J. (1989) · The Review of Economic Studies · doi:10.2307/2297746 · Cited by 671
The Evolution of Top Incomes: A Historical and International Perspective
Piketty, T., & Saez, E. (2006) · American Economic Review · doi:10.1257/000282806777212116 · Cited by 616
Does Income Inequality Lead to Consumption Inequality? Evidence and Theory
Krueger, D., & Perri, F. (2002) · National Bureau of Economic Research · doi:10.3386/w9202 · Cited by 595
Recent Changes in U.S. Family Finances: Evidence from the 2001 and 2004 Survey of Consumer Finances
Bucks, B., Kennickell, A. B., & Moore, K. B. (2006) · Federal Reserve Bulletin · doi:10.17016/bulletin.2006.92-3-1 · Cited by 489
The Decline in Saving: Evidence from Household Surveys
Bosworth, B., Burtless, G., Sabelhaus, J., Poterba, J. M., & Summers, L. H. (1991) · Brookings Papers on Economic Activity · doi:10.2307/2534640 · Cited by 271
Cited by
Discipline and Power in the Digital Age: The Case of the US Consumer Data Broker Industry
Roderick, L. (2014) · Critical Sociology · doi:10.1177/0896920513501350 · Cited by 78
Finance Is Not the Economy: Reviving the Conceptual Distinction
Bezemer, D., & Hudson, M. (2016) · Journal of Economic Issues · doi:10.1080/00213624.2016.1210384 · Cited by 58
Metadata
- Authors
- Barba, A., & Pivetti, M.
- Venue
- Cambridge Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-06-17
- Volume
- 33
- Issue
- 1
- Pages
- 113-137
- ISSN
- 0309-166X (ISSN-L)
- 1464-3545
- OpenAlex
- W2002819931
- Cited by
- 606
- References
- 13
- FWCI
- 22.65
- Type
- journal article
- Language
- en
- Open access
- closed
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
