Inflation and Regulation of Government Debt: US Historical Evidence
本文梳理美国自1800年以来通过货币供给和金融监管降低融资成本的历史证据与经济理论，揭示不同政府优先级的演变。
Governments have often used two policy instruments to lower financing costs: the money supply to generate seigniorage and regulation of the financial system to increase demand for their interest-bearing bonds. Both involve trade-offs. This article marshals historical evidence and economic theories about how the US federal government has arranged monetary, financial, and fiscal systems since 1800 to lower its financing costs. In doing so, we infer evolving priorities of different US administrations.