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The business cycle and earnings and income inequality.
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The article focuses on the business cycle and inequality in earnings and income of workers in the U.S. Economists and other analysts generally agree that inequality in both earnings and income increased over the last 40 years. Moreover, such inequality tended to accelerate in periods of economic downturn during that span. Together, these facts have led to renewed interest in the extent to which earnings and income inequality are affected by the business cycle, especially recessions. In a recent study, entitled Earnings Inequality and the Business Cycle, he authors develop a model in which long-term trends in earnings and income inequality are amplified during recessions, regardless of whether inequality is generally increasing or decreasing. However, during periods when inequality is decreasing, recessions will tend to accelerate that trend as well, and inequality will decrease more rapidly. In their empirical analysis, the authors "begin with the one episode of declining earnings inequality during the past century," the period from the late 1920s to the early 1950s. They then examine two periods of increasing earnings inequality--the early 1900s to the late 1920s and the late 1960s to at least the end of the century.
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