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This paper studies the optimal maturity structure for government debt when markets for liquidity insurance are … in short and long maturities solves a liquidity insurance problem, but optimal yield curve policy is only possible if …
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This paper examines the pricing of public debt in a quantitative macroeconomic model with government default risk. Default may occur due to a fiscal policy that does not preclude a Ponzi game. When a build-up of public debt makes this outcome inevitable, households stop lending such that the...
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