<filename>data/nber/2186.json
{
    "id": 2186,
    "citation_title": "New Directions in the Relationship Between Public and Private Debt",
    "citation_author": [
        "<NAME>"
    ],
    "citation_publication_date": "1987-03-01",
    "issue_date": "1987-03-01",
    "revision_date": "None",
    "topics": [
        "Macroeconomics"
    ],
    "program": [
        "Monetary Economics"
    ],
    "projects": null,
    "working_groups": null,
    "abstract": "\n\nUntil the 1980s the outstanding indebtedness of government and private-sector borrowers in the United States exhibited sufficient negative covariation that total outstanding debt remained steady relative to nonfinancial economic activity. Three hypotheses -- one based on lenders' behavior, one on borrowers? behavior, and one on credit market institutional arrangements -- provide potential explanations for this phenomenon. Since 1980 the U.S. debt markets have departed from these previously prevailing patterns, however, as both government and private borrowing have risen sharply.\n\n",
    "acknowledgement": "\n"
}