Wigger, Berthold U. creator text Washington]US IMF 2007 monographic 18 p. Demonstrates that government can run a Ponzi game if the economy without public debt is dynamically efficient. This becomes possible when the return on private bonds or equity is taxed and the government issues tax-exempt bonds. Notes that unlike a traditional Ponzi game, the welfare effects of a Ponzi game based on the issuance of tax-exempt bonds are rather mixed. 3/19/09 JOYD 11.01.01 W655