In 2009 a new law on German debt brakes was passed: state governments are not allowed to run structural deficits after … 2020. Consolidation strategies initiated today influence if a state can comply with the debt brake in 2020. We describe to …

This paper develops a model of optimal debt maturity in which the government cannot issue statecontingent debt. As the … government spending shocks by purchasing short-term assets and issuing long-term debt. These positions are quantitatively very … are not robust when lack of commitment is introduced. Under lack of commitment, large and tilted debt positions are very …