The real effects of debt. Stephen G Cecchetti, M S Mohanty and Fabrizio Zampolli, 05 August 2011. This paper was prepared for the “Achieving Maximum Long-Run Growth” symposium sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyoming, 25-27 August 2011. “At moderate levels, debt improves welfare and can enhance growth. But high… Continue Reading