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
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author Hall, George J.
Sargent, Thomas J.
author_facet Hall, George J.
Sargent, Thomas J.
author_sort Hall, George J.
collection PubMed
description 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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spelling pubmed-58665842018-03-29 Brief history of US debt limits before 1939 Hall, George J. Sargent, Thomas J. Proc Natl Acad Sci U S A Social Sciences 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. National Academy of Sciences 2018-03-20 2018-03-05 /pmc/articles/PMC5866584/ /pubmed/29507220 http://dx.doi.org/10.1073/pnas.1719687115 Text en Copyright © 2018 the Author(s). Published by PNAS. https://creativecommons.org/licenses/by-nc-nd/4.0/ This open access article is distributed under Creative Commons Attribution-NonCommercial-NoDerivatives License 4.0 (CC BY-NC-ND) (https://creativecommons.org/licenses/by-nc-nd/4.0/) .
spellingShingle Social Sciences
Hall, George J.
Sargent, Thomas J.
Brief history of US debt limits before 1939
title Brief history of US debt limits before 1939
title_full Brief history of US debt limits before 1939
title_fullStr Brief history of US debt limits before 1939
title_full_unstemmed Brief history of US debt limits before 1939
title_short Brief history of US debt limits before 1939
title_sort brief history of us debt limits before 1939
topic Social Sciences
url 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
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