Debt Problems and Macroeconomic Policies

47 Pages Posted: 27 Apr 2000 Last revised: 22 Aug 2010

See all articles by Lawrence H. Summers

Lawrence H. Summers

Harvard University; National Bureau of Economic Research (NBER); Harvard University - Harvard Kennedy School (HKS)

Date Written: October 1986

Abstract

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.

Suggested Citation

Summers, Lawrence H., Debt Problems and Macroeconomic Policies (October 1986). NBER Working Paper No. w2061. Available at SSRN: https://ssrn.com/abstract=227259

Lawrence H. Summers (Contact Author)

Harvard University ( email )

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National Bureau of Economic Research (NBER)

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Harvard University - Harvard Kennedy School (HKS) ( email )

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United States

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