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1、INTERNATIONA1.MONETARYFUNDDidtheU.S.ReallyGrowOutofItsWorldWarIlDebt?JulienAcalinand1.aurenceBallWP/24/5IMFWorkingPapersdescriberesearchinprogressbytheauthor(三)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheauthor(三)anddonotnecessarilyrepresentthe
2、viewsoftheIMF,itsExecutiveBoard,orIMFmanagement.WoRK-NGPAPER2024JANWP/24/52024InternationalMonetaryFundIMFWorkingPaperResearchDepartmentDidtheU.S.ReallyGrowOutofItsWorldWarIlDebt?PreparedbyJulienAcalinand1.aurenceBall*AuthorizedfordistributionbyPrachiMishraJanuary2024IMFWorkingPapersdescriberesearch
3、inprogressbytheauthor(三)andarepublishedtoelicitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseoftheathor(三)anddonotnecessarilyrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:ThefallintheU.S.publicdebt/GDPratiofrom106%in1946to23%in1974isoftenattributedtoh
4、ighratesofeconomicgrowth.Thispaperexaminestherolesofthreeotherfactors:primarybudgetsurpluses,surpriseinflation,andpeggedinterestratesbeforetheFed-TreasuryAccordof1951.Ourcentralresultisasimulationofthepaththatthedebt/GDPratiowouldhavefollowedwithprimarybudgetbalanceandwithoutthedistortionsinrealinte
5、restratescausedbysurpriseinflationandthepre-Accordpeg.Inthiscounterfactal,debt/GDPdeclinesonlyto74%in1974,not23%asinactualhistory.Moreover,theratiostartsrisingagainin1980andin2022itis84%.Thesefindingsimplythat,overthelast76years,onlyasmallamountofdebtreductionhasbeenachievedthroughgrowthratesthatexc
6、eedundistortedinterestrates.RECOMMENDEDCITATION:Acalin,Julienand1.aurenceBall(2024):DidtheU.S.ReallyGrowOutofitsWorldWarIlDebt?,IMFWorkingPaper.JE1.ClassificationNumbers:E31,E43,E65,H60,H63Keywords:U.S.PublicDebt;FinancialRepression;SurpriseInflation;r-gAuthor,sE-MailAddress:iacalinimf.orq:lballihu.
7、eduWearegratefultoGeorgeHallforhelpwiththedata.WethankFrancesBianchi,RuiEsteves,OlivierJeanne,N.GregoryMankiw,RicardoReis,andparticipantsintheJHUMacro-Financeseminar,theCEPRInternationalMacro-Historyonlineseminar,andtheDebtCon6Princetonconferenceforusefulcomments.WealsothankKyungWoongKohforoutstandi
8、ngresearchassistance.ContentsIntroduction1FactorsInfluencingtheDebt/GDPRatio3ConstructingCounterfactualPathsoftheDebt/GDPRatio6DataandMeasurement13Results19ComparisontoHallandSargent(2011)22Conclusions25References28Tables29Figures30Appendix341 IntroductionDoesahighlevelofnationaldebtimposeaburdenonf
9、uturegenerationswhomustpayitoff?Inrecentyears,economistssuchasBlanchard(2019)andFurmanandSummers(2020)havesuggestedthattheanswermaybeno,becauserretourCounterfactualinterestratesasthosethatwouldhavebeenobservedifalldebtwereindexedtoinflation.AndreolliandRey(2023)conductasimilarCounterfactualexercisef
10、orEuroAreacountriesfortheperiodsince1999.Oursimulationsofdebt/GDPratiosassumethatbothundistortedrealinterestratesandrealGDParethesameinourCounterfactualscenariosasinactualhistory.ConventionalmacroeconomicsimpliesthatthehigherdebtlevelsintheCounterfactualswouldincreaserealratesandreducerealGDPbycrowdingoutcapital,andbothoftheseeffectswouldmagnifytheincreasesinthedebt/GDPratiorelat
