Olivier Coibion, Yuriy Gorodnichenko, Marianna Kudlyak and John Mondragon go to a lot of trouble to come to a conclusion that has been obvious for years;
... the growth in household borrowing during the mid-2000s was driven in large part by credit supply expansions targeted at lower-income households.
They think that's water under the bridge...spilled milk...bygones...
However, to the extent that this expansion in the supply of credit to lower-income households is unlikely to continue (for example if it reflected a one-time securitisation of household debt), our results suggest that a continuation of recent trends toward rising inequality is likely to reduce access to credit for lower-income households.
You mean...that $10.10 per hour isn't going to help?
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