Barro, Robert J. - National Bureau of Economic Research (NBER) - 1995
Optimal debt management can be thought of in three stages. First, if taxes are lump sum and the other conditions for … of public debt is indeterminate from an optimal-tax standpoint. Second, if taxes are distorting, then the timing of taxes … equilibrium model that yields a form of tax smoothing as a basis for debt management. The main analysis uses a tractable form of …