HKS Affiliated Authors
Frank and Denie Weil Director of the Mossavar-Rahmani Center for Business and Government
Charles W. Eliot University Professor
Excerpt
Excerpt
Larry Summers: This $13 trillion question is more important than ever. Lawrence Summers, November 10, 2015, Opinion. "The Hutchins Center for Fiscal and Monetary Policy at Brookings is having a conference on Tuesday launching an important new volume on federal debt management policy. Just as in the Great War it became clear that war is too important to be left to generals, so too in the Great Recession it became clear that (government) debt management is too important to be left to the parochial world of debt managers. The composition of federal debt is itself often a useful tool for economic policy, particularly in the current low-rate environment in which the Federal Reserve will frequently be unable to cut rates as much as it would like and will instead be reliant on “unconventional” policies intended to effect the price of government debt." Link