This paper studies the mediating impact of the maturity of public debt in the transmission of monetary policy shocks to … economic activity. A longer debt maturity attenuates greatly the effect of monetary policy: going from the average historical …

lengthening the maturity of its issuance at the same time. This paper reports estimates of the impact of these policies on long …-term rates using an empirical model that builds on Laubach (2009). Lowering the average maturity of US Treasury debt held outside … interest rates. Central banks will face uncertainty not only about the true magnitude of maturity effects, but also about the …

This paper proposes a theory of the fiscal foundations of inflation based on imperfect knowledge and learning. The … theory is similar in spirit to, but distinct from, unpleasant monetarist arithmetic and the fiscal theory of the price level … monetary policy. Heavily indebted economies with debt maturity structures observed in many countries require aggressive …