We show that to account for the cross-sectional divergence in debt-to-income ratios in US data a DSGE model must assume a tax reallocation across the top- and bottom-income quantile of the population, rather than differential productivity growth, and low cost of access to financial intermediation. (C) 2014 Elsevier B.V. All rights reserved.
Inequality and debt in a model with heterogeneous agents
Ravenna, Federico
;
2014-01-01
Abstract
We show that to account for the cross-sectional divergence in debt-to-income ratios in US data a DSGE model must assume a tax reallocation across the top- and bottom-income quantile of the population, rather than differential productivity growth, and low cost of access to financial intermediation. (C) 2014 Elsevier B.V. All rights reserved.
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