Inequality, Leverage and Crises

Guest Authors: Michael Kumhof, International Monetary Fund and Romain Ranciere, Paris School of Economics and International Monetary Fund.  Contact information available here. Authors’ notes:  The views expressed in this paper are those of the authors and do not necessarily represent those of the IMF or IMF policy. We thank George Akerlof, Kemal Dervis, Douglas Laxton …