TITLE

Government Asset and Liability Management in an Era of Vanishing Public Debt

AUTHOR(S)
BOHN, HENNING
PUB. DATE
August 2002
SOURCE
Journal of Money, Credit & Banking (Ohio State University Press);Aug2002 Part 2, Vol. 34 Issue 3, p887
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The paper examines alternative options for managing public debt and public assets in a government balance sheet framework that includes the Treasury, the Federal Reserve, and Social Security. Even after September 11, U.S. fiscal policy is on a trajectory to accumulate substantial "uncommitted funds." The paper examines how such funds should be invested. I conclude that high-quality fixed-income securities are the best benchmark and that Social Security is the most appropriate government asset manager. The analysis of policy alternatives reveals a trilemma between maintaining a liquid Treasury market, minimizing rent seeking, and facilitating inter-generational risk sharing.
ACCESSION #
7239546

 

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