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 …

This paper develops a model of optimal government debt maturity in which the government cannot issue state … expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post. In contrast, a flat maturity … policy distortions. We show that the optimal time-consistent maturity structure is nearly flat because reducing average …

This paper develops a model of optimal government debt maturity in which the government cannot issue state … expensive to finance ex-ante since they exacerbate the problem of lack of commitment ex-post. In contrast, a flat maturity … policy distortions. We show that the optimal time-consistent maturity structure is nearly flat because reducing average …

-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 …

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 …

given by the government debt maturity; in economies with capital and government balanced-budget constraints, the required …