A New Structure for U.S. Federal Debt

John Cochrane

No 15108, Economics Working Papers from Hoover Institution, Stanford University

Abstract: This paper proposes a new structure for U.S. Federal debt. It argues that all debt should be perpetual, paying coupons forever with no principal payment. The paper introduces six financing options and argues for their creation in order to protect against future fiscal or monetary shocks.

Pages: 46 pages
Date: 2015-05
New Economics Papers: this item is included in nep-mac
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Citations: View citations in EconPapers (13)

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