Yet, the debt-to-GDP ratio is a nominal figure and indeed refers specifically to the nominal stock of bond contracts the Federal Government has entered into.

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In nominal terms, this could increase the ratio significantly above 2:1.

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And if inflation were to rise, then nominal GDP would surely expand alongside debt, keeping the ratio between them steady.

ECONOMIST: Economics focus

Low or falling nominal interest rates and inflation were crucial to reducing the debt-to-GDP ratio.

ECONOMIST: Public debt