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

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.