The stochastic simulation model suggested by Bolder (2003) for the analysis of the federal government's debt-management strategy provides a wide variety of useful information. It does not, however, assist in determining an optimal debt-management strategy for the government in its current form....

This paper provides evidence of the liquidity-driven nature of sovereign debt crisis episodes, with an application to the case of Greece. The results of a Component GARCH model (CGARCH) of the Greek sovereign spread for data between Jan. 1999 and Dec. 2020 are provided. A long-term component of...

This study provides evidence of the very short-term element impact of news on sovereign spreads, validating market-sentiment effects even under unchanged fundamentals, as applicable during select dates in the Greek crisis narrative. The event study is performed for five key dates corresponding...

This paper presents four blue-sky ideas for lowering the cost of the Government of Canada's debt without increasing the debt's risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus...

The financial performance of governments in issuing debt is an open empirical question. We develop performance measures for the decisions debt management offices (DMOs) face: The amount to issue is largely exogenous to them, but they determine its distribution across issue dates (timing) and the...

We make the case for the U.S. government to issue a new security with a coupon tied to the United States’ current dollar GDP. This security might pay, for example, a coupon of one-trillionth of the GDP, and we propose the name "Trill" be used to refer to this new security. This new debt...