Private debt is again on the rise in the United States, driven by significant increases in auto loans and student borrowing. The increase in debt has helped support economic growth in the U.S. and world economies over the last couple years, but at some time in the future it will become a drag on consumption and investment and may even begin to compromise bank balance sheets, especially if interest rates begin to rise and debt servicing burdens increase. Several leading experts will offer their assessment of how this new rise in private debt impacts economic growth and discuss the financial risks posed by the continuous large overhang of private debt.
Leading off the discussion will be Karen Dynan, Professor of Practice, Department of Economics, Harvard University; and William Emmons, Lead Economist at the Center for Household Financial Stability; and Atif Mian, Professor of Economics, Princeton University.
NOTE: Federal Reserve Bank of St. Louis’s participation in this cosponsored activity does not constitute or imply an endorsement, recommendation or favoring endorsement of the views, opinions, products or services of any cosponsor or other person or entity by the Federal Reserve Bank of St. Louis.
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