Debt Problems and Macroeconomic Policies
AbstractThis paper examines the recent dramatic increase in the ratio of US non-financial debt to GNP. It concludes that it is largely the result of federal budget deficits. There does not appear to have been a major change in traditional patterns of private sector borrowing in recent years. The excessive accumulation of Federal debt probably threatens financial stability more than recent increases in private debt.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2061.
Date of creation: Oct 1986
Date of revision:
Publication status: published as "Debt Problems and Macroeconomic Policies" in Debt Financial Stability and Public Policy. 1986, Kansas City Federal Reserve.
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Other versions of this item:
- Lawrence H. Summers, 1986. "Debt problems and macroeconomic policies," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 165-208.
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"Twin deficits: squaring theory, evidence and common sense,"
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- International Monetary Fund, 2010.
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