@techreport{NBERw5573,
 title = "Debt and Monetary Policy: The Policy Issues",
 author = "Rudi Dornbusch",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5573",
 year = "1996",
 month = "May",
 URL = "http://www.nber.org/papers/w5573",
 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.},
}