English, Article edition: Reputation in a Model with a Limited Debt Structure Begona Dominguez Manzano

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Physical Description
  • article
Language
  • English

Edition details

Title
  • Reputation in a Model with a Limited Debt Structure
Author
  • Begona Dominguez Manzano
Physical Description
  • article
Notes
  • This paper studies the optimal management of the maturity of government debt in an economy without commitment. We consider a reputation where any deviation triggers reversion to the worst sustainable equilibrium. We obtain two results. First, contrary to earlier literature, we show that a very rich debt structure is not a necessary condition to solve the time-inconsistency problem. Second, we learn how to allocate the outstanding debt into short and long-term bonds to enhance the credibility of the government policy. (Copyright: Elsevier)
  • Debt Management; Optimal Taxation; Time-Consistency
  • RePEc:red:issued:v:8:y:2005:i:3:p:600-622
Language
  • English
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