Report
On the irrelevance of the maturity structure of government debt without commitment
Abstract: This paper presents a government debt game with the property that if the timing of debt auctions within a period is sufficiently unfettered, the set of equilibrium outcome paths of real economic variables given the government has access to a rich debt structure is identical to the set of equilibrium outcome paths given the government can issue only one-period debt.
Access Documents
File(s):
File format is application/pdf
https://www.minneapolisfed.org/research/sr/sr268.pdf
Description: Full Text
Authors
Bibliographic Information
Provider: Federal Reserve Bank of Minneapolis
Part of Series: Staff Report
Publication Date: 2001
Number: 268