We model and calibrate the arguments in favor and against short-term and long-term debt. These arguments broadly include: maturity premium, sustainability, and service smoothing. We use a dynamic equilibrium model with tax distortions and government outlays uncertainty, and model maturity as the...

"The United States provides economic security to citizens through a divided welfare state-one in which citizens receive benefits through both direct public programs and indirect tax subsidies. Studies of public opinion toward social policy have focused almost exclusively on direct programs; the...