Safe assets are demanded as stores of value (to smooth consumption inter-temporally) and as collateral (to facilitate credit intra-temporally). Some are supplied publicly (government bonds) and some privately (asset-backed securities). Private assets are heterogeneous in quality, and information about their quality reduces their safety properties. We show that government bonds discourage both production of (crowding quantity out) and information about (crowding safety in) private assets. Hence, the optimal supply of government bonds need to take into account their dual roles and their impact on the quantity and informational content of private assets.

中文翻译：

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安全资产的供需情况

需要安全资产作为价值储存（以平滑跨期消费）和作为抵押品（以促进跨期信贷）。有些是公开提供的（政府债券），有些是私人提供的（资产支持证券）。私有资产的质量是异质的，有关其质量的信息会降低其安全属性。我们表明，政府债券既阻碍了私人资产的生产（挤出数量），也阻碍了有关（挤出安全性）私人资产的信息。因此，政府债券的最优供给需要考虑其双重作用及其对私人资产数量和信息含量的影响。