1 option
Debt and Monetary Policy: The Policy Issues / Rudi Dornbusch.
- Format:
- Book
- Author/Creator:
- Dornbusch, Rudi.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w5573.
- NBER working paper series no. w5573
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Debt and Monetary Policy
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1996.
- Summary:
- 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.
- Notes:
- Print version record
- May 1996.
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