An examination of possible ways in which large, persistent federal budget deficits could cause inflation through action on money-stock growth, velocity, and real gross national product (GNP).

After 1982 the international investment position of the United States dramatically shifted from one of sizable net creditor to much more sizable net debtor. As the U.S. deficit on current international transactions soared to record levels during the mid-1980s, some observers perceived a grave...

Minneapolis Fed Vice President Preston Miller suggests that long-term federal budget problems, exacerbated by the needs of an aging population, might be alleviated by a new approach to funding benefits received by that same aging population.

An examination of the various factors that have determined the level and growth of the federal debt over the past 40 years, with some perspective on future levels of federal debt.

Estimating the effects of government debt and deficits on Treasury yields is complicated by the need to isolate the effects of fiscal policy from other influences. To abstract from the effects of the business cycle, and associated monetary policy actions, on debt, deficits, and interest rates,...