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New Directions in the Relationship Between Public and Private Debt

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Author Info
Benjamin M. Friedman
Abstract

Until the 1980s the outstanding indebtedness of government and private-sector borrowers in the United States exhibited sufficient negative covariation that total outstanding debt remained steady relative to nonfinancial economic activity. Three hypotheses -- one based on lenders' behavior, one on borrowers? behavior, and one on credit market institutional arrangements -- provide potential explanations for this phenomenon. Since 1980 the U.S. debt markets have departed from these previously prevailing patterns, however, as both government and private borrowing have risen sharply.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2186.

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Date of creation: Aug 1987
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Handle: RePEc:nbr:nberwo:2186

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Benjamin M. Friedman, 1982. "Debt and Economic Activity in the United States," NBER Working Papers 0704, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Studies in the National Balance Sheet of the United States, Vol. 2," NBER Books, National Bureau of Economic Research, Inc, number gold63-2, December.
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  1. Benjamin M. Friedman, 1989. "Lessons On Monetary Policy From The 1980's," NBER Working Papers 2551, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-12-18.

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