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New Directions in the Relationship Between Public and Private Debt

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  • 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.

Suggested Citation

  • Benjamin M. Friedman, 1987. "New Directions in the Relationship Between Public and Private Debt," NBER Working Papers 2186, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:2186 Note: ME
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    1. Benjamin M. Friedman, 1981. "Debt and Economic Activity in the United States," NBER Working Papers 0704, National Bureau of Economic Research, Inc.
    2. Raymond W. Goldsmith & Robert E. Lipsey & Morris Mendelson, 1963. "Studies in the National Balance Sheet of the United States, Volume 2," NBER Books, National Bureau of Economic Research, Inc, number gold63-2, January.
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    Cited by:

    1. Benjamin M. Friedman, 1988. "Lessons On Monetary Policy From The 1980's," NBER Working Papers 2551, National Bureau of Economic Research, Inc.
    2. repec:bla:intfin:v:19:y:2016:i:3:p:311-332 is not listed on IDEAS
    3. Stephen M. Miller & Frank S. Russek, 1989. "Are The Twin Deficits Really Related?," Contemporary Economic Policy, Western Economic Association International, vol. 7(4), pages 91-115, October.

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