Managing the UK National Debt 1694–2018-Reference-Cited by-同舟云学术

Managing the UK National Debt 1694–2018

Published:2020-07-01 Issue:3 Volume:12 Page:227-257
ISSN:1945-7707
Container-title:American Economic Journal: Macroeconomics
language:en
Short-container-title:American Economic Journal: Macroeconomics

Author:

Ellison Martin¹,Scott Andrew²

Affiliation:

1. Department of Economics, University of Oxford, Manor Road Building, Manor Road, Oxford, OX1 2UQ, United Kingdom, and CEPR (email: )

2. London Business School, 26 Sussex Place, Marylebone, London, NW1 4SA, United Kingdom, and CEPR (email: )

Abstract

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. (JEL F34, G15, H63, N23, N24, N43, N44)

Publisher

American Economic Association

Subject

General Economics, Econometrics and Finance

Link

https://pubs.aeaweb.org/doi/pdf/10.1257/mac.20180263

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