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liabilities differ, rebalancing the maturity structure changes the government cost of capital. In the fiscal theory, changes in …This paper explores the interactions between yield curve dynamics and nominal government debt maturity operations under … fiscal stress in a New Keynesian model with endogenous bond risk premia. Open market debt maturity operations are non …
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increase in debt maturity when debt rises ceases to operate when QE is active, possibly because markets perceived it as a …
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of maturity N > 1. We find that many features of optimal policy are sensitive to the introduction of long bonds, in … in the market until maturity, we find two additional reasons why taxes are volatile due to debt management concerns: debt …
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This paper develops a model of optimal debt maturity in which the government cannot issue statecontingent debt. As the … contrast, a flat maturity structure minimizes the cost entailed by a lack of commitment, though this structure also limits the …-consistent maturity structure is nearly flat because reducing average borrowing costs is quantitatively more important for welfare than …
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