I propose a specific use for the Treasury-issued ‘Digital Greenbacks' (DGBs) and associated system of TreasuryDirect Digital Wallets that I have proposed elsewhere. I propose that these be issued as equitably distributed ‘Treasury Growth Dividends' (TGDs) under normal circumstances, and...

In an October 1995 FOMC meeting, several participants inquired about the potential value and meaning of the spread between the Treasury bill rate and nominal GDP for monetary policy. The idea comes from Salomon Brothers, who think that it is an indicator of policy, in the sense that a high...