Falling Behind: Has Rising Inequality Fueled the American Debt Boom?
成果类型：
Article
署名作者：
Drechsel-Grau, Moritz; Greimel, Fabian
署名单位：
University of Munich; University of Vienna
刊物名称：
REVIEW OF FINANCIAL STUDIES
ISSN/ISSBN：
0893-9454; 1465-7368
DOI：
10.1093/rfs/hhaf062
发表日期：
2026-02
页码：
459-517
关键词：
D14
D31
E21
E44
E70
R21
Housing demand
income
consumption
POLICY
MODEL
habit
credit
prices
TRENDS
摘要：
This paper studies whether the interplay of social comparisons in housing and rising income inequality contributed to the household debt boom in the United States between 1980 and 2007. We develop a tractable macroeconomic model with general social comparisons in housing to show that changes in the distribution of income affect aggregate housing demand, aggregate debt, and house prices if (and only if) social comparisons are asymmetric. In the empirically relevant case of upward-looking comparisons, rising inequality can rationalize a substantial share of the observed housing and debt boom.
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