Debt levels have surged since the mid-1990s and have reached historic highs across the OECD. High debt levels can … create vulnerabilities, which amplify and transmit macroeconomic and asset price shocks. Furthermore, high debt levels hinder … shocks. The empirical evidence suggests that when private sector debt levels, particularly for households, rise above trend …

distance, trade, and finance to the US subprime mortgage and Eurozone debt crisis areas. To understand the causes of the cross …

Using a large panel of OECD countries this paper studies the link between debt and macroeconomic stability by comparing … between debt and economic growth has been extensively studied in the literature, only little attention has been paid to the … impact of debt on volatility and higher moments of output growth distributions. This paper fills in this gap. Debt …