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On the Irrelevance of the Maturity Structure of Government Debt Without Commitment

Christopher Phelan - Consultant

Revised January 1, 2001

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.


Published In: Games and Economic Behavior (Vol. 46, Issue 1, January 2004, pp. 115-128)

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