future tax-burden of households driven by increases in government debt. To test these explanations, we compile a monthly … estimate that going from no lockdown measures to that of Italy’s in March, would have resulted in the growth of Germany … changes in government debt are unrelated or even negatively related to savings rates. The analysis suggests that there is some …

between household debt levels, financial stability risks, and the ongoing implications of the ‘debt overhang’ for economic … growth. However, accurately measuring the household debt burden remains problematic. Aggregate measures of household … indebtedness (e.?g. household liabilities relative to income) fail to fully capture the debt servicing burdens of households …