Inflation, recession and the burden of private debt
The paper seeks to show that sectoral balance-sheet positions can develop along unstable lines as a result of both long-term and special short-term factors. The emergence of balance-sheet problems may therefore render an economy more vulnerable than usual to cyclical decline. This does not mean that...
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| Format: | Article |
| Language: | English |
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Associazione Economia civile
2014-01-01
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| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11479 |
| _version_ | 1811172303897100288 |
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| author | W.D. MCCLAM |
| author_facet | W.D. MCCLAM |
| author_sort | W.D. MCCLAM |
| collection | DOAJ |
| description | The paper seeks to show that sectoral balance-sheet positions can develop along unstable lines as a result of both long-term and special short-term factors. The emergence of balance-sheet problems may therefore render an economy more vulnerable than usual to cyclical decline. This does not mean that a sharp recession may become unavoidable, but it does have important implications for the mix and strength of macro-economic policy. Attention is focused mainly on debt relationships in the United States, but its conclusions are based partly on comparisons with debt behaviour in Germany, Italy and the United Kingdom.
JEL: E31, F32, E32
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| first_indexed | 2024-04-10T17:27:42Z |
| format | Article |
| id | doaj.art-0d81f1a754ca4730a790a6e04baceb9a |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-04-10T17:27:42Z |
| publishDate | 2014-01-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-0d81f1a754ca4730a790a6e04baceb9a2023-02-03T16:51:23ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432014-01-012811310.13133/2037-3643/11479Inflation, recession and the burden of private debtW.D. MCCLAMThe paper seeks to show that sectoral balance-sheet positions can develop along unstable lines as a result of both long-term and special short-term factors. The emergence of balance-sheet problems may therefore render an economy more vulnerable than usual to cyclical decline. This does not mean that a sharp recession may become unavoidable, but it does have important implications for the mix and strength of macro-economic policy. Attention is focused mainly on debt relationships in the United States, but its conclusions are based partly on comparisons with debt behaviour in Germany, Italy and the United Kingdom. JEL: E31, F32, E32 https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11479Debtinflationbalance sheet problemsrecessioncyclical decline |
| spellingShingle | W.D. MCCLAM Inflation, recession and the burden of private debt PSL Quarterly Review Debt inflation balance sheet problems recession cyclical decline |
| title | Inflation, recession and the burden of private debt |
| title_full | Inflation, recession and the burden of private debt |
| title_fullStr | Inflation, recession and the burden of private debt |
| title_full_unstemmed | Inflation, recession and the burden of private debt |
| title_short | Inflation, recession and the burden of private debt |
| title_sort | inflation recession and the burden of private debt |
| topic | Debt inflation balance sheet problems recession cyclical decline |
| url | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11479 |
| work_keys_str_mv | AT wdmcclam inflationrecessionandtheburdenofprivatedebt |