For a sample of sixteen OECD countries over the period 1980-2007 we show that, for given debt-GDP ratio, an increase in … the maturity of the public debt by one year lowers its long-term interest rate by around 20-30 basis points. This effect … is stronger for countries with higher average inflation or debt. …

show that growth is higher if the debt to GDP ratio is below 60 % compared to values above it. Moreover, a comparison with …

I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … revenue losses on inframarginal units of debt that reflect the price impact of these decisions. The model predicts an interior …

We propose a theory of indebted demand, capturing the idea that large debt burdens by households and governments lower … accommodative monetary policy and deficit spending—generate a debt-financed short-run boom at the expense of indebted demand in the … future. When demand is sufficiently indebted, the economy gets stuck in a debt-driven liquidity trap, or debt trap. Escaping …

or employment. Using U.S. firm level data, we document systematic patterns of cash and debt financing around lumpy … productivity are leading indicators of the lumpy adjustment. Cash and debt capacity are actively manipulated, and contribute … debt. During and after contractions, firms rebuild cash and reduce debt growth significantly in a concerted effort to …

This paper studies the long-run impact of public debt expansion on economic growth and investigates whether the debt … for a universally applicable threshold effect in the relationship between public debt and economic growth, once we account … negative long-run effects of public debt build-up on output growth. Provided that public debt is on a downward trajectory, a …