Do governments strategically choose debt maturity to fill supply gaps across maturities? Building on a new panel data …-year LTRO in 2011-2012 as an event study, I find that core governments filled the supply gap of longer maturity debt, which …

In this paper, we revisit the fiscal theory of the price level (FTPL) within the New Keynesian (NK) model. We show in … which cases the average maturity of government debt matters for the transmission of policy shocks. The central task of this … paper is to shed light on the theoretical predictions of the maturity structure on macro dynamics with an emphasis on model …

Do governments strategically choose debt maturity to fill supply gaps across maturities? Building on a new panel data …-year LTRO in 2011-2012 as an event study, I find that core governments filled the supply gap of longer maturity debt, which …

We study the interactions between sovereign debt default and maturity choice in a setting with limited commitment for …-term bond market. We show that any attempt to manipulate the existing maturity profile of outstanding long-term bonds generates …

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 …