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Trills Instead of T-Bills: It's Time to Replace Part of Government Debt with Shares in GDP

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  • Kamstra Mark J
  • Shiller Robert J.

Abstract

At a time of public concern about rising national debt, we should consider adapting simple lessons from corporate finance to government finance. Mark J. Kamstra of York University and Robert J. Shiller of Yale University conclude that government financing tools should include a form of equity: shares in GDP.

Suggested Citation

  • Kamstra Mark J & Shiller Robert J., 2010. "Trills Instead of T-Bills: It's Time to Replace Part of Government Debt with Shares in GDP," The Economists' Voice, De Gruyter, vol. 7(3), pages 1-5, September.
    • Handle: RePEc:bpj:evoice:v:7:y:2010:i:3:n:5
    DOI: 10.2202/1553-3832.1782
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    Citations

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    Cited by:

    1. John H. Cochrane, 2015. "A New Structure for U.S. Federal Debt," Economics Working Papers 15108, Hoover Institution, Stanford University.
    2. Alessandro Missale, 2012. "Sovereign debt management and fiscal vulnerabilities," BIS Papers chapters, in: Bank for International Settlements (ed.), Threat of fiscal dominance?, volume 65, pages 157-176, Bank for International Settlements.
    3. Carl Christian von Weizsäcker, 2011. "Public Debt Requirements in A Regime of Price Stability," Discussion Paper Series of the Max Planck Institute for Research on Collective Goods 2011_20, Max Planck Institute for Research on Collective Goods.
    4. Juan Carlos Hatchondo & Leonardo Martinez, 2012. "On the benefits of GDP-indexed government debt: lessons from a model of sovereign defaults," Economic Quarterly, Federal Reserve Bank of Richmond, vol. 98(2Q), pages 139-157.
    5. repec:fip:fedreq:y:2012:i:2q:p:139-157:n:vol.98no.2 is not listed on IDEAS
    6. Carl Christian von Weizsäcker, 2014. "Public Debt and Price Stability," German Economic Review, Verein für Socialpolitik, vol. 15(1), pages 42-61, February.

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