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Drowning In Debt

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  • Wynne Godley

Abstract

The U.S. expansion has been driven to an unusual extent by falling personal saving and rising borrowing by the private sector. If this process goes into reverse, as has happened under comparable circumstances in other countries, there will be a severe recession unless there is a big relaxation in fiscal policy.

Suggested Citation

  • Wynne Godley, "undated". "Drowning In Debt," Economics Policy Note Archive 00-6, Levy Economics Institute.
    • Handle: RePEc:lev:levypn:00-6
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    File URL: http://www.levyinstitute.org/pubs/pn/pn00_6.pdf
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    Citations

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    Cited by:

    1. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.
    2. Wymme Godley & Alex Izurieta, 2009. "The US economy: weaknesses of the "strong" recovery," PSL Quarterly Review, Economia civile, vol. 62(248-251), pages 93-101.
    3. Nelson H. Barbosa Filho, 2001. "Effective Demand and Growth: An Analysis of the Alternative Closures of Keynesian Models," SCEPA working paper series. 2001-05, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    4. Thomas I. Palley, "undated". "Contradictions Coming Home to Roost? Income Distribution and the Return of the Aggregate Demand Problem," Economics Working Paper Archive wp_332, Levy Economics Institute.
    5. Thomas I. Palley, 2009. "After the Bust: The Outlook for Macroeconomics and Macroeconomic Policy," Economics Public Policy Brief Archive ppb_97, Levy Economics Institute.
    6. John Harvey, 2010. "Keynes’ Business Cycle: Animal Spirits and Crisis," Working Papers 201003, Texas Christian University, Department of Economics.
    7. Cyril Pitrou, 2015. "Graph representation of balance sheets: from exogenous to endogenous money," Papers 1504.03895, arXiv.org, revised Jan 2018.
    8. Wynne Godley & Alex Izurieta, 2004. "The US economy: weakness of the "strong" recovery," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 57(229), pages 131-139.
    9. Thomas I. Palley, 2008. "After the Bust: The Outlook for Macroeconomics & Macroeconomic Policy," IMK Working Paper 20-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    10. Pitrou, Cyril, 2015. "Graph representation of balance sheets: from exogenous to endogenous money," MPRA Paper 63662, University Library of Munich, Germany.
    11. Eric Tymoigne, 2007. "A Hard-Nosed Look at Worsening U.S. Household Finance," Challenge, Taylor & Francis Journals, vol. 50(4), pages 88-111.

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