Brief history of US debt limits before 1939.

Abstract:

: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.

authors

Hall GJ,Sargent TJ

doi

10.1073/pnas.1719687115

subject

Has Abstract

pub_date

2018-03-20 00:00:00

pages

2942-2945

issue

12

eissn

0027-8424

issn

1091-6490

pii

1719687115

journal_volume

115

pub_type

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