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Just finished my slides for "Modigliani Meets Minsky: American Household Debt, 1949-2016" tomorrow at @bundesbank. Stagnating incomes and increasing debt levels for bottom 90% of American households. BUT: debt increase financed by capital gains in housing! @MSchularick
Asset porfolios of middle class and bottom 50% strongly exposed to the housing market. Elasticity of wealth with respect to housing always twice as high as for top 10% in post-war America. Increasing house prices lead to wealth gains financing the middle class debt boom.
We use household-level data from historical and modern SCF data (SCF+) for our analysis. Details on data in recent paper "Wealth and Income Inequality in America, 1949-2016" wiwi.uni-bonn.de/kuhn/paper/Wea… Working paper for "Modigliani meets Minski" will also be out soon!
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