Carl Christian von Weizsäcker Recommends “Trills Instead of T-Bills: It’s Time to Replace Part of Government Debt with Shares in GDP” by Mark J. Kamstra and Robert J. Shiller

  • Carl Christian von WeizsäckerEmail author


Kamstra and Shiller propose a financial instrument issued by the government which they call “Trills.” A unit Trill is the right to receive from the government an annual payment equal to one trillionth of the country’s GDP in nominal terms. Trill security would fill a gap in the world of securities. “Trills” might allow investors a return very nearly as high as the S&P 500, with half the volatility. Indeed, investors gain a much higher return and lower volatility than if Trills are excluded from the mix.


  1. Kamstra, M. J. & Shiller, R. J., (2010, September). Trills instead of T-Bills: It’s time to replace part of government debt with shares in GDP. The Economists’ Voice,

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© Springer Nature Switzerland AG 2019

Authors and Affiliations

  1. 1.Max Planck Institute for Research on Collective GoodsBonnGermany

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