Discount Rates, Debt Maturity, and the Fiscal Theory

Alexandre Corhay, Thilo Kind, Howard Kung & Gonzalo Morales
"Since the Great Recession, large-scale purchases of long-term government bonds have become essential for central banks around the world. There has been keen interest in understanding how these operations affect other areas. This is particularly true when countries are under fiscal pressure—from deepening deficits and surging government debt—and when short-term interest rates are near the effective lower bound. We examine how changes to monetary and fiscal policy influence government portfolio risk from debt maturity operations....
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