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| Tekijä: | Iyigun, M.F. Owen, A.L. |
| Otsikko: | Income inequality, financial development, and macroeconomic fluctuations |
| Lehti: | Economic Journal
2004 : APR, VOL. 114:495, p. 352-376 |
| Asiasana: | Macroeconomics Income distribution Consumption Business cycles Gross national product Volatility Models |
| Vapaa asiasana: | GDP |
| Kieli: | eng |
| Tiivistelmä: | This paper examines the relationship between income inequality (hereafter as: inc-ineq.) and variability in aggregate consumption growth. In high-income countries, greater inc-ineq. appears to be associated with more volatility in consumption growth, whereas in lower-income countries, higher levels of inc-ineq. tend to be associated with less volatility. There is presented evidence that variability in real gross domestic product (GDP) growth is also related to inc-ineq. in the same way. This paper's results suggest that the level of financial development may help to explain why the distribution of income affects the short-run variability of consumption and output differently in high-income countries than in low-income countries. |
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