A standard result of optimal debt management models is that in a world of complete markets, where policymakers can make credible announcements, the maturity structure of government debt is totally irrelevant. This paper investigates the role of debt maturity in a very simple context in which...

The aim of the paper is to characterize the optimal child care policies (subsidies and state provision), assuming that child care provision affects the child�s future abilities. Public intervention is needed since two sources of economic inefficiency are contemporaneously influential:...