Household debt is at a record high relative to disposable income. Some analysts are concerned that this unprecedented … level of debt might pose a risk to the financial health of American households and ultimately lead them to curtail their … spending. In this paper, I summarize some of the relevant facts concerning the growth of consumer credit and the household debt …

This paper surveys the literature on the macroeconomic effects of government debt. It begins by discussing the data on … debt and deficits, including the historical time series, measurement issues, and projections of future fiscal policy. The … paper then presents the conventional theory of government debt, which emphasizes aggregate demand in the short run and …

information in determining debt maturity, and we examine the overall importance of informational asymmetries in debt maturity … information in explaining debt maturity. …

We provide evidence that a bank's subordinated debt yield spread is not, by itself, a sufficient measure of default … risk. We use a model in which subordinated debt is held by investors with superior knowledge ("informed investor hypothesis …"). First, we show that in theory the yield spread on subordinated debt must compensate investors for expected loss plus give …