US Debt Decomposer

What contributed to movements in the US's debt-to-GDP ratio?

Note: The cumulative change of Debt-to-GDP equals the sum of changes to all other series.

Start Year

Start Quarter

End Year

End Quarter

Exclude small series (<1%)

Sources: Fed Board of Governors; Dallas Fed; Bureau of Economic Analysis; Center for Financial Stability

Methodology based on Hall and Sargent (2022)