 Debt and Monetary Policy: The Policy IssuesNo 5573, NBER Working Papers from National Bureau of Economic Research, Inc 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. JEL-codes: E5 E6 (search for similar items in EconPapers) Published as Calvo, Guillermo and Mervyn King. The debt burden and its consequences for monetary policy: Proceedings of a conference held by the International Economic Association at the Deutsche Bundesbank, Frankfurt, Germany, IEA Conference Volume, no. 118. New York: St. Martin's Press; London: Macmillan Press; in association with the International Economic Association, 1998. Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:nbr:nberwo:5573 Ordering information: This working paper can be ordered from Access Statistics for this paper More papers in NBER Working Papers from National Bureau of Economic Research, Inc National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.. Contact information at EDIRC. |
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