INCOME DISTRIBUTION, CONSUMER DEBT AND KEEPING UP WITH THE JONESES

Soon Ryoo; Yun K. Kim

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INCOME DISTRIBUTION, CONSUMER DEBT AND KEEPING UP WITH THE JONESES

机译：收入分配，消费者债务和保持联系

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We extend Kaldor's theory of income distribution to include workers' debt accumulation and their motive to emulate rentiers' consumption. Our results show that (ⅰ) the interaction between income distribution and emulation can produce instability; (ⅱ) instability is more likely when the workers' emulation motive is strong and bankers' lending decisions are highly accommodating; and (ⅲ) a plausible assumption on the non-linearity of emulation behavior can generate a limit cycle. Our analysis provides an alternative perspective on the increase in household indebtedness for the decades before the recent crisis and the subsequent deleveraging process.

机译：我们将卡尔多的收入分配理论扩展到包括工人的债务积累及其模仿承租人的消费的动机。我们的结果表明：（ⅰ）收入分配与模拟之间的相互作用会产生不稳定；（ⅱ）当工人的模仿动机很强且银行家的贷款决定很宽松时，不稳定的可能性就更大；（ⅲ）关于仿真行为非线性的合理假设可以产生一个极限环。我们的分析为在最近的危机和随后的去杠杆化过程之前的几十年中家庭债务增加提供了另一种观点。

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《Metroeconomica》 |2014年第4期|585-618|共34页
作者
Soon Ryoo; Yun K. Kim;
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Department of Finance and Economics Adelphi University Garden City NY 11530 USA;

Department of Economics University of Massachusetts Boston Boston MA 02125 USA;

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7. Matt, Susan J. Keeping Up with the Joneses: Envy in American Consumer Society, 1890-1930. Philadelphia: University of Pennsylvania Press, 2003 [O] . Clendinning, Anne 2006

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INCOME DISTRIBUTION, CONSUMER DEBT AND KEEPING UP WITH THE JONESES

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