A Comparative‐Advantage Approach to Government Debt Maturity
研究了政府最优债务期限，权衡短期债务的货币溢价与再融资风险，并考虑私人金融中介竞争时，政府应增加短期发行以挤出私人短期债务。
ABSTRACT We study optimal government debt maturity in a model where investors derive monetary services from holding riskless short‐term securities. In a setting where the government is the only issuer of such riskless paper, it trades off the monetary premium associated with short‐term debt against the refinancing risk implied by the need to roll over its debt more often. We extend the model to allow private financial intermediaries to compete with the government in the provision of short‐term money‐like claims. We argue that, if there are negative externalities associated with private money creation, the government should tilt its issuance more toward short maturities, thereby partially crowding out the private sector's use of short‐term debt.