拉詹只是讲述了美国次贷危机事件的经过,他并没有针对金融紊乱提出某种可供解释的一般性理论。但是有人注意到,在1930年代大萧条爆发前夕的那些年,收入不平等的程度急剧上升。在 2007年,占美国人口1%的最富裕人群吸收了当年全国收入的23.5%这一比例是自1929以来的达到的最高点。2010年,两位来自国际货币基金组织的经济学家迈克尔科夫和罗曼朗西埃在一篇论文中构建了一个模型,显示了收入不平等是如何系统性地导致了危机的产生。投资者阶层越来越善于获取生产性收益、减慢工人工资增长速度,从而提高收入了收入不平度程度。工人们只得依靠借款来维持消费。信贷杠杆不断上升,直至以危机爆发而告终。该模型假设政治家不负担监管的责任;在没有政府介入的前提下,收入不均会产生各种危害。
New research hints at other ways inequality could spur crisis. In a new paper MarianneBertrand and Adair Morse, both of the University of Chicago, study patterns of spendingacross American states between 1980 and 2008. In particular, they focus on how changes inthe behaviour of the richest 20% of households affect the spending choices of the bottom80%. They find that a rise in the level of consumption of rich households leads to morespending by the non-rich. This trickle-down consumption appears to result from a desire tokeep up with the Joneses. Non-rich households spend more on luxury goods and servicessupplied to their more affluent neighboursdomestic services, say, or health clubs. Hadthe incomes of America s top 20% of earners grown at the same, more leisurely pace as themedian income, they reckon that the bottom 80% might have saved more over the pastthree decades$500 per household per year for the entire period between 1980 and 2008, or$800 per year just before the crisis. In states where the highest earners were wealthiest,non-rich households were more likely to report financial duress.
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