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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References listed on IDEAS
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- Harold L. Cole & Timothy J. Kehoe, 1998.
"Self-Fulfilling Debt Crises,"
Levine's Working Paper Archive
114, David K. Levine.
- V. V. Chari & Patrick J Kehoe, 1998.
Levine's Working Paper Archive
600, David K. Levine.
- Robert E. Lucas Jr. & Nancy L. Stokey, 1982.
"Optimal Fiscal and Monetary Policy in an Economy Without Capital,"
532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Lucas, Robert Jr. & Stokey, Nancy L., 1983. "Optimal fiscal and monetary policy in an economy without capital," Journal of Monetary Economics, Elsevier, vol. 12(1), pages 55-93.
- Alesina, Alberto F & Prati, Alessandro & Tabellini, Guido, 1989.
"Public Confidence and Debt Management: A Model and a Case Study of Italy,"
CEPR Discussion Papers
351, C.E.P.R. Discussion Papers.
- Alberto Alesina & Alessandro Prati & Guido Tabellini, 1989. "Public Confidence and Debt Management: A Model and A Case Study of Italy," NBER Working Papers 3135, National Bureau of Economic Research, Inc.
- Alesina, A. & Prati, A. & Tabellini, G., 1989. "Public Confidence And Debt Management: A Model And A Case Study Of Italy," Papers 5, California Los Angeles - Applied Econometrics.
- V. V. Chari & Patrick E. Kehoe, 1990.
"Sustainable Plans and Mutual Default,"
IMF Working Papers
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