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  • Financing American government
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Resources

Consult Core Econ’s Fact checker for a detailed list of sources.

Exercises

  • Exercise 1: Debt as a percentage of gross domestic product
  • Exercise 2: The Fed’s role in a crisis

Figures

  • Figure 1: United States federal surplus or deficit as a percentage of the gross domestic product (1939–2019).
  • Figure 2: Total public debt as a percentage of the gross domestic product (1939–2019).
  • Figure 3: Maturity composition of US government debt at origination (April 2020).
  • Figure 4: Results from a treasury bill auction.
  • Figure 5: Estimated ownership of US Treasury securities (December 2019).
  • Figure 6a: Simplified balance sheet of the Federal Reserve in 2019 (USD billions).
  • Figure 6b: Simplified balance sheet of JPMorgan Chase in 2019 (USD billions).
  • Figure 7: The fed funds target rates (daily).
  • Figure 8: Excess reserves of depository institutions (weekly).
  • Figure 9: Assets held by the Federal Reserve (weekly).
  • Figure 10: Fed lending through liquidity and credit facilities (weekly).
Contents
Financing American government
Insights
Financing American government
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      1. Home — Insights
      1. List of resources
      2. Contents
      3. Highlights
      4. 1 Introduction
      5. 2 The Treasury
      6. 3 The mechanics of government borrowing
      7. 4 The Federal Reserve System
      8. 5 Open market operations
      9. 6 A new monetary policy mechanism
      10. 7 The Fed’s role in a crisis
      11. 8 Conclusion
      12. 9 Acknowledgements
      13. Glossary

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