Klein, Mathias; Winkler, Roland - 2017 - This version: January 17, 2017
income inequality during periods of private debt overhang. In contrast, there are no discernible distributional effects when … private debt is low. This result is robust to alternative identifications of fiscal consolidations, to different ways of … defining periods of private debt overhang, and to controlling for the state of the business cycle. We explore different …