institutions - The New School SCEPA


In this context, “macro imbalances” are trends or cycles in net borrowing flows that may be strong enough to threaten the system’s stability unless offsetting policies are put into place.

The central claim of this paper is that a still richer account requires embedding the Keynesian account in a comparative political economy framework.

This paper discusses patterns of net borrowing by major “institutional sectors” in the U.S. economy.