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|z 9781498307376
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|a 1018-5941
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|a BD-DhAAL
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|a Bakker, Bas.
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|a The Rich and the Great Recession /
|c Bas Bakker, Joshua Felman.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2014.
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|a 1 online resource (36 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a Most papers explaining the macro causes of the U.S. Great Recession focus on the behavior of the middle class: how its saving rate declined in the pre-crisis years, then surged following the crisis. This paper argues that the saving rate of the rich followed a similar pattern, the result of wealth effects associated with a boom-bust in asset prices. Indeed, the swings in saving by the rich must actually have played the most important role in the consumption boom-bust, since since the top 10 percent account for almost half of income and two-thirds of wealth. In other words, the rich played a critical role in the Great Recession.
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|a Mode of access: Internet
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|a Felman, Joshua.
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|a IMF Working Papers; Working Paper ;
|v No. 2014/225
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2014/225/001.2014.issue-225-en.xml
|z IMF e-Library
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