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Debt and Monetary Policy: The Policy Issues

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Rudi Dornbusch

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Abstract

The paper explores the implications of high debt for monetary policy. In Europe, debt (and deficits) play a special role at present in the run up to Maastricht because large debts are seen as a threat to the integrity of the new European money. The paper reviews two historical episodes-- the German, UK, and French experience in the 1920s and the US debt liquidation of the 1950-1980 period. The theoretical review focuses on hypotheses of Keynes, Clark and Sargent- Wallace. The paper adds to the range of concerns private balance sheet vulnerability.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5573.

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Date of creation: May 1996
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Handle: RePEc:nbr:nberwo:5573

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Find related papers by JEL classification:
E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

References listed on IDEAS
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. Alan S. Blinder, 1984. "On the Monetization of Deficits," NBER Working Papers 1052, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Bohn, Henning, 1990. "A positive theory of foreign currency debt," Journal of International Economics, Elsevier, vol. 29(3-4), pages 273-292, November. [Downloadable!] (restricted)
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  3. John B. Taylor, 1995. "Monetary policy implications of greater fiscal discipline," Proceedings, Federal Reserve Bank of Kansas City, pages 151-170. [Downloadable!]
  4. Paul R. Masson & Guy Meredith & Steven A. Symansky, 1990. "MULTIMOD Mark II: A Revised and Extended Model," IMF Occasional Papers 71, International Monetary Fund.
  5. Alesina, A. & Drazen, A., 1991. "Why Are Stabilizations Delayed?," Papers 6-91, Tel Aviv - the Sackler Institute of Economic Studies.
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Cited by:
(explanations, 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. Bernhard Herz & Hui Tong, 2003. "The Interactions between Debt and Currency Crises – Common Causes or Contagion?," Macroeconomics currcrisis-ht_2003-12, Department of Economics, Economics I, Bayreuth University. [Downloadable!]
  2. Sergey Pekarski, 2007. "Budget deficits and inflation feedback," Working Papers WP13_2007_12, Laboratory for Macroeconomic Analysis. [Downloadable!]
  3. Beetsma, R.M.W.J. & Uhlig, H., 1997. "An analysis of the "stability pact"," Discussion Paper 59, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  4. Patricia Correa, . "Public Debt, Public Debt Markets and Monetary Policy in Colombia," Borradores de Economia 147, Banco de la Republica de Colombia. [Downloadable!]
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This page was last updated on 2008-10-10.

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