Debt problems and macroeconomic policies
This 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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Volume (Year): (1986)
Issue (Month): ()
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- Benjamin M. Friedman, 1982. "Debt and Economic Activity in the United States," NBER Chapters,in: The Changing Roles of Debt and Equity in Financing U.S. Capital Formation, pages 91-110 National Bureau of Economic Research, Inc.
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