本文研究了家庭高杠杆率和危机如何作为收入分配变化的结果出现。从经验上看，1920～1929年和1983～2008年两个阶段都表现出高收入家庭群体的收入占比大幅增加，剩余债务杠杆率的大量增加导致了金融危机和实体经济危机。本文介绍了高收入家庭群体不断增长的收入占比所衍生的高杠杆率和危机模型。该模型匹配了大萧条和大衰退前数十年的收入分配情况、债务收入比和危机风险。
The paper studies how high household leverage and crises can arise as a result of changes in the income distribution. Empirically，the periods 1920-1929 and 1983-2008 both exhibited a large increase in the income share of high-income households，a large increase in debt leverage of the remainder，and an eventual financial and real crisis. The paper presents a theoretical model where higher leverage and crises arise endogenously in response to a growing income share of high-income households. The model matches the profiles of the income distribution，the debt-to-income ratio and crisis risk for the three decades prior to the Great Recession.
