Parameterizing Debt Maturity
研究用少数参数描述公共债务期限结构的方法，基于美英等国1869年以来的月度债务支付数据，提出一种不限制债务发行的参数形式，并用于分析美国1940年以来债务期限与利率期限结构的关系。
Abstract We examine ways to describe the maturity structure of public debts using few parameters. We compile a novel data set of all promised future payments for U.S. and UK government debt from every month since 1869, and more recently for Peru, Poland, Egypt, and Nigeria. We show there is a unique parametric form which does not arbitrarily restrict debt issuance. We use this model to parsimoniously describe the evolution of public debt maturities and to characterize the relationship between maturity and the term structure of interest rates in the United States since 1940.