From Fed Governor Sarah Bloom Raskin: Aspects of Inequality in the Recent Business Cycle. A few excerpts:
To isolate my proper subject here, I want to be clear that I am not engaging this afternoon with the concern that many Americans have that excessive inequality undermines American ideals and values. Nor will I be investigating the social costs associated with wide distributions of income and wealth. Rather, I want to zero in on the question of whether inequality itself is undermining our country's economic strength according to available macroeconomic indicators.
Read more...Calculated Risk: Fed's Raskin: Low- and middle-income households hit hardest by Great Recession