A good deal of controversy has swirled around the question of whether increased federal borrowing reduces domestic investment, and presumably increases interest rates, or whether it increases U.S. borrowing from abroad. Viewed from a broader perspective, however, that distinction is probably not very consequential because future national income is lower in either case.
Whitaker was kind enough to contribute to the Report some personal reflections. The Report also contains a Chronology of Developments pertinent to the Bank over the past decade. 2  BIS Review 31/2003