Why Should Governments Issue Bonds?
指出，即使考虑次优情况，政府债券最优名义利率为零的论点依赖于完全替代假设；放松假设后，发行付息债券可能带来微观经济收益，并与传统宏观分析中货币与债券融资的选择相关。
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.