The article explores whether a government can run a constant budget deficit without causing inflation by issuing bonds instead of printing money. Using a model that includes government bonds as assets, the study finds that the hypothesis is valid if the deficit includes interest payments. It also shows that the stock of bonds can grow faster than the economy, as long as it doesn't exceed the rate of time preference. However, there could be limits on how much the government can tax to pay off the bonds due to default risks.