The Great Recession and the Distribution of Household Income

Hardcover | February 17, 2013

EditorStephen P. Jenkins, Andrea Brandolini, John Micklewright

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The so-called Great Recession that followed the global financial crisis at the end of 2007 was the largest economic downturn since the 1930s for most rich countries. To what extent were household incomes affected by this event, and how did the effects differ across countries? This is the first cross-national study of the impact of the Great Recession on the distribution of household incomes. Looking at real income levels, poverty rates, and income inequality, it focusses on the period 2007-9, but also considers longer-term impacts. Three vital contributions are made.First, the book reviews lessons from the past about the relationships between macroeconomic change and the household income distribution. Second, it considers the experience of 21 rich OECD member countries drawing on a mixture of national accounts, and labour force and household survey data. Third, the book presents case-study evidence for six countries: Germany, Ireland, Italy, Sweden, the UK, and the USA. The book shows that, between 2007 and 2009, government support through the tax and benefit system provided a cushion against the downturn, and household income distributions did notchange much. But, after 2009, there is likely to be much greater change in incomes as a result of the fiscal consolidation measures that are being put into place to address the structural deficits accompanying the recession. The book's main policy lesson is that stabilisation of the household incomedistribution in the face of macroeconomic turbulence is an achievable policy goal, at least in the short-term.

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The so-called Great Recession that followed the global financial crisis at the end of 2007 was the largest economic downturn since the 1930s for most rich countries. To what extent were household incomes affected by this event, and how did the effects differ across countries? This is the first cross-national study of the impact of the ...

Stephen P. Jenkins is Professor of Economic and Social Policy at the London School of Economics, and a former Director of the Institute for Social and Economic Research at the University of Essex where he is now Visiting Professor. He has served as Chair of the Council of the International Association for Research on Income and Wealth...
Format:HardcoverDimensions:320 pagesPublished:February 17, 2013Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199671028

ISBN - 13:9780199671021

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Table of Contents

Preface1. Stephen P. Jenkins, Andrea Brandolini, John Micklewright, and Brian Nolan: Scope, review of approaches, and evidence from the past2. Stephen P. Jenkins, Andrea Brandolini, John Micklewright, and Brian Nolan, with the assistance of Gaetano Basso: The Great Recession and its consequences for household incomes in 21 countries3. Markus Grabka and Joachim Frick: Country case study - Germany4. Brian Nolan, Tim Callan, and Bernard Maitre: Country case study - Ireland5. Andrea Brandolini, Francesco D'Amuri, and Ivan Faiella: Country case study - Italy6. Anders Bjorklund and Markus Jantti: Country case study - Sweden7. Robert Joyce and Luke Sibieta: Country case study - UK8. Jeffrey Thompson and Timothy Smeeding: Country case study - USA9. Stephen P. Jenkins, Andrea Brandolini, John Micklewright, and Brian Nolan: Summary and conclusions