My goal in this paper is to describe what we know about narratives and the penchant of the human mind to be engaged by them, to consider reasons to expect that narratives might well be thought of as important, largely exogenous shocks to the aggregate economy.
But are narratives more important than this?
|The Debt-per-Dollar Ratio, 1916-1970|
|The Debt-per-Dollar Ratio since 1970|
|Household Debt Service|
|Private-to-Public Debt Ratio|
Click here for the Excel file