Giordano, Raffaela - Banca d'Italia - 2001
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 …