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.
"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