Managing the UK National Debt 1694–2018
利用1694年以来每只政府债券的月度价格和数量数据，研究发现发行短期债券在成本上具有显著优势，即使考虑现金流和赎回的操作风险也是如此。
We examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors’ one-period holding returns, which is the cost of debt management in the government’s intertemporal budget constraint. We find a substantial cost advantage in favor of issuing short bonds, even when considering some of the operational risks implied by cash flows and gross redemptions.