Government Asset and Liability Management in an Era of Vanishing Public Debt
在包含财政部、美联储和社会保障的政府资产负债表框架下，探讨公共债务和公共资产的管理选项，指出高质量固定收益证券是最佳基准，社会保障是最合适的资产管理者，并揭示流动性、寻租与代际风险分担之间的三难困境。
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 intergenerational risk sharing.