A firm chooses its debt maturity structure and default timing dynamically, both without commitment. Via the fraction of … newly issued short-term bonds, equity holders control the maturity structure, which affects their endogenous default …

This paper studies the maturity and stream of payments of sovereign debt. Using Bloomberg bond data for eleven emerging … economies, we document that countries react to crises by issuing debt with shortened maturity but back-load payment schedules …. To account for this pattern, we develop a sovereign default model with an endogenous choice of debt maturity and payment …

maturity in the event of crises, and show that both necessarily improve ex ante welfare if they do not decrease expected …

maturity management, as will typically be required to address rollover crisis risk, will be delayed until the end of the …

We study how the maturity structure of nominal government debt affects optimal monetary and fiscal policy decisions and … inflation in optimal fiscal financing increases with the average maturity of government debt; (3) as average maturity rises, it … policy with passively adjusting lump-sum taxes by extending the average maturity of bond …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are … generations of agents at different lifecycle stages in an overlapping-generations economy. An optimal maturity structure exists in …--effects that we also confirm empirically in a panel of OECD countries. Moreover, under the optimal maturity structure, catering to …

We argue that time-series variation in the maturity of aggregate corporate debt issues arises because firms behave as … macro liquidity providers, absorbing the large supply shocks associated with changes in the maturity structure of government … periods when the ratio of government debt to total debt is higher; and ii) by firms with stronger balance sheets. Our theory …

We examine empirically how the maturity structure of government debt affects bond yields and excess returns. Our …

debt model augmented with long maturity bonds. Two necessary conditions for the multiplicity are: (i) the government is … creditors will price bonds; long maturity bonds are therefore a crucial component of the multiplicity. We introduce a third …