-contingent, the maturity structure is irrelevant for tax smoothing and thus indeterminate. Are we left with no theory for the optimal …. This in turn provides us with a novel theory for the optimal maturity structure of public debt … theory as irrelevant as it is silent about fiscal policy with non-contingent debt? Second, when debt is assumed state …

. Inflation may be positive throughout, so the absence of deflation is not evidence against a liquidity trap. Output, on the other …I study monetary and fiscal policy in liquidity trap scenarios, where the zero bound on the nominal interest rate is … the paper. I find that the optimal interest rate is set to zero past the liquidity trap and jumps discretely up upon exit …

. Inflation may be positive throughout, so the absence of deflation is not evidence against a liquidity trap. Output, on the other …I study monetary and fiscal policy in liquidity trap scenarios, where the zero bound on the nominal interest rate is … the paper. I find that the optimal interest rate is set to zero past the liquidity trap and jumps discretely up upon exit …