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Managing the UK national debt 1694-2018

Journal

American Economic Journal: Macroeconomics

Subject

Economics

Publishing details

American Economic Journal: Macroeconomics 2020 July 2020 Vol 12:3 p 227-257

Authors / Editors

Ellison M;Scott A

Biographies

Andrew J Scott

Publication Year

2020

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, the cost of debt management in the government’s intertemporal budget constraint. We find a substantial cost advantage in favour of issuing short bonds, even when considering some of the operational risks implied by cash flows and gross redemptions.

Available on ECCH

No


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