I analyze how lack of commitment affects the maturity structure of sovereign debt. Governments balance benefits of …-term debt affects default and rollover decisions by subsequent policy makers. The equilibrium maturity structure is shaped by … maturity structure with positive gross positions and a shortening of the maturity structure when debt issuance is high, output …

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 …

This paper examines ways to summarize the maturity structure of public debts using a small number of parameters. We …) more accurately describes changes in debt maturity for these six countries and 2) gives a quite different interpretation of … historical debt maturity. Our work can be applied not just to analyze past debt movements, but - because parameter estimates are …

We propose a clientele-based model of the yield curve and optimal maturity structure of government debt. Clienteles are … generations of agents at different life cycle stages in an overlapping- generations economy. An optimal maturity structure exists …