John Cochrane argues in favor of a “New Structure for U. S. Federal Debt.” His main proposal is to introduce “[f]ixed-value, floating-rate debt” a form of “Treasury Electronic Money, or reserves for all.” See my NZZ article, Vox column, blog post.
John Cochrane argues in favor of a “New Structure for U. S. Federal Debt.” His main proposal is to introduce “[f]ixed-value, floating-rate debt” a form of “Treasury Electronic Money, or reserves for all.” See my NZZ article, Vox column, blog post.