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

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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.

Original languageEnglish (US)
Pages (from-to)115-128
Number of pages14
JournalGames and Economic Behavior
Volume46
Issue number1
DOIs
StatePublished - Jan 2004

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