Household debt, expected economic conditions, and income inequality
研究发现，家庭债务和收益率差上升会扩大高收入群体的收入份额，加剧不平等；但债务和不平等上升后收益率差收缩，预示未来经济可能走弱。
Abstract The high level of debt among households outside the top end of the income distribution has led many economists to assert that household debt has been an important component of the increase in income inequality in the United States. In addition, the yield spread provides information about the overall condition of the economy and may also be tied into the distribution of income. The paper's results show that increases in the yield spread and household debt correspond with increases in top income shares, resulting in increases in income inequality. However, as household debt and income inequality increase, the yield spread contracts, which suggests future economic contraction. Thus, rising inequality may signal future economic weakness.