WORKING PAPER | In this paper, we introduce a twofold role for the public sector in the Goodwin (1967) model of the growth cycle.

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

POLICY NOTE | 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.