RISING TOP INCOMES AND INCREASED BORROWING IN THE REST OF THE DISTRIBUTION
研究了顶层收入集中度上升是否导致较不富裕家庭为维持相对生活水平而增加借贷，发现中高收入家庭在顶层收入高的地区承担更多住房相关债务，而低收入家庭非抵押借贷减少。
One potential consequence of rising top‐income concentration is borrowing by less‐affluent households attempting to maintain relative living standards. This paper evaluates the “keeping up with the Joneses” phenomenon, examining the responsiveness of payment‐to‐income ratios for different debt types across the income distribution to changes in income among affluent households. The analysis provides evidence for the responsiveness of debt to rising top incomes. Middle‐ and upper‐middle‐income households take on more housing‐related debt and have higher payments in places with higher top‐income levels. Among lower‐income households non‐mortgage borrowing and debt payments decline, consistent with restrictions in the supply of credit.