On the irrelevance of the maturity structure of government debt without commitment

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.

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Year of publication:	2001
Authors:	Phelan, Christopher
Institutions:	Federal Reserve Bank of Minneapolis
Subject:	Debt

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Extent:	application/pdf
Series:	Staff Report.
Type of publication:	Book / Working Paper
Notes:	Number 268
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005498498