Brief history of US debt limits before 1939

Between 1776 and 1920, the US Congress designed more than 200 distinct securities and stated the maximum amount of each that the Treasury could sell. Between 1917 and 1939, Congress gradually delegated all decisions about designing US debt instruments to the Treasury. In 1939, Congress began imposin...

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Detalles Bibliográficos
Autores principales: Hall, George J., Sargent, Thomas J.
Formato: Online Artículo Texto
Lenguaje:English
Publicado: National Academy of Sciences 2018
Materias:
Social Sciences
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5866584/
https://www.ncbi.nlm.nih.gov/pubmed/29507220
http://dx.doi.org/10.1073/pnas.1719687115
Descripción
Sumario:Between 1776 and 1920, the US Congress designed more than 200 distinct securities and stated the maximum amount of each that the Treasury could sell. Between 1917 and 1939, Congress gradually delegated all decisions about designing US debt instruments to the Treasury. In 1939, Congress began imposing a limit on the par value of total federal debt outstanding. By summing Congressional borrowing authorizations outstanding each year for each bond, we construct a time series of implied federal debt limits before 1939.

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