Why Should Governments Issue Bonds?
This paper has three purposes. First, it shows that several recent arguments that the optimal nominal interest rate on government bonds is zero even when second best considerations are accounted for rest on perfect substitutes assumptions. Second, it characterizes the conditions under which the issue of interest-bearing bonds is desirable once these assumptions are relaxed. And third, it shows that these potential microeconomic benefits of bond issue are closely related to traditional macroeconomic analyses of the government's choice between money and bond finance. Copyright 1993 by Ohio State University Press.
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Volume (Year): 25 (1993)
Issue (Month): 2 (May)
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