Document Household Wealth In 2014

Since the eighties U.S. households have dramatically elevated the amount of debt they hold. One frequent clarification for this development is that the massive enhance in earnings inequality over this identical period prompted households to borrow extra (see Figure 1). The intuition is that low-revenue households tried to keep up” with the rising consumption of their high-revenue neighbors. This might affect debt levels if the low-income household decides to fund its consumption by leveraging with debt (as opposed to rising labor supply or drawing down belongings). This type of behavior is sometimes called maintaining with the Joneses”, consumption cascades, consumption spillovers, or external habit.

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