Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics:
How does debt affect macroeconomic stability? The answer to this question has important implications, because both public and private debt levels have reached historic highs across the OECD. While accumulating debt can help smooth real activity, at high levels debt creates weaknesses in corporate, h...
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| Main Author: | |
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| Other Authors: | |
| Format: | Electronic eBook |
| Language: | English |
| Published: |
Paris
OECD Publishing
2012
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| Series: | OECD Economics Department Working Papers
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| Subjects: | |
| Online Access: | Volltext |
| Summary: | How does debt affect macroeconomic stability? The answer to this question has important implications, because both public and private debt levels have reached historic highs across the OECD. While accumulating debt can help smooth real activity, at high levels debt creates weaknesses in corporate, household and government balance sheets. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks across the economy and internationally. The empirical evidence shows that high debt levels impair the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence also suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Furthermore, when debt levels are high, recessions tend to be more severe |
| Physical Description: | 1 Online-Ressource (36 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k8xb75txzf5-en |
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| spelling | Sutherland, Douglas Verfasser aut Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics Douglas Sutherland and Peter Hoeller = Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés / Douglas Sutherland et Peter Hoeller Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés Paris OECD Publishing 2012 1 Online-Ressource (36 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers How does debt affect macroeconomic stability? The answer to this question has important implications, because both public and private debt levels have reached historic highs across the OECD. While accumulating debt can help smooth real activity, at high levels debt creates weaknesses in corporate, household and government balance sheets. High debt levels can create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks across the economy and internationally. The empirical evidence shows that high debt levels impair the ability of households and enterprises to smooth consumption and investment and of governments to cushion adverse shocks. The empirical evidence also suggests that when private sector debt levels, particularly for households, rise above trend the likelihood of recession increases. Furthermore, when debt levels are high, recessions tend to be more severe Economics Hoeller, Peter ctb https://doi.org/10.1787/5k8xb75txzf5-en Verlag kostenfrei Volltext |
| spellingShingle | Sutherland, Douglas Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics Economics |
| title | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics |
| title_alt | Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés |
| title_auth | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics |
| title_exact_search | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics |
| title_exact_search_txtP | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics |
| title_full | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics Douglas Sutherland and Peter Hoeller = Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés / Douglas Sutherland et Peter Hoeller |
| title_fullStr | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics Douglas Sutherland and Peter Hoeller = Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés / Douglas Sutherland et Peter Hoeller |
| title_full_unstemmed | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics Douglas Sutherland and Peter Hoeller = Dette et stabilité macroéconomique: aperçu général des études existantes et faits constatés / Douglas Sutherland et Peter Hoeller |
| title_short | Debt and Macroeconomic Stability: An Overview of the Literature and Some Empirics |
| title_sort | debt and macroeconomic stability an overview of the literature and some empirics |
| topic | Economics |
| topic_facet | Economics |
| url | https://doi.org/10.1787/5k8xb75txzf5-en |
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