NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Debt Problems and Macroeconomic Policies

Lawrence H. Summers

NBER Working Paper No. 2061
Issued in October 1986
NBER Program(s):   EFG

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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Document Object Identifier (DOI): 10.3386/w2061

Published:

  • "Debt Problems and Macroeconomic Policies" in Debt Financial Stability and Public Policy. 1986, Kansas City Federal Reserve.
  • Lawrence H. Summers, 1986. "Debt problems and macroeconomic policies," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 165-208. citation courtesy of

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