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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 policy precommitment is allowed but state-contingent debt cannot be issued … maturity has a role to play. In fact, an appropriate choice of the maturity structure may remove the inefficiency introduced by …
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reserves instead of employing them to inject the liquidity needed to bring the production project to maturity. …
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We study the effects of fiscal policy on macroeconomic developments in Italy over the period 1982-2010 with a Structural Vector Autoregression (SVAR) model. We include public debt and impose the government budget constraint in the estimation. In contrast with previous research we also include...
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