Optimal Public Debt Management and Liquidity Provision
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We study the Ramsey policy problem in an economy in which firms face a collateral constraint. Issuing more public debt alleviates this friction by increasing the aggregate quantity of collateral. In so doing, however, the issuance of more debt also raises interest rates, which in turn increases the
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美国国家经济研究局创建时间：
2013-02-01
