Debt Revenue and the Sustainability of Public Debt
研究发现公共债券提供的特殊服务（如价值储存、安全性、流动性）为政府创造了债务收入，其现值足以维持债务可持续性，即使基本余额现值为零或负值，这改变了传统对紧缩政策、最优债务规模和货币财政政策溢出的分析。
While public debt has risen in the last two decades, the return that it offers to investors has fallen, especially relative to the return on private investment. This creates a revenue for the government as the supplier of the special services offered by public bonds, which include storage of value, safety, liquidity, and reprieve from repression. The present value of this debt revenue is large relative to the stock of public debt, keeping it sustainable even as the present value of primary balances is zero or negative. It gives rise to different policy tradeoffs than the conventional analysis of primary balances and makes different recommendation on the effects of austerity, the optimal amount of debt, or the spillovers between monetary and fiscal policy.