This paper presents a government debt game with the property that if the timing of debt auctions within a period is sufficiently unfettered, the set of equilibrium outcome paths of real economic variables given the government has access to a rich debt structure is identical to the set of equilibrium outcome paths given the government can issue only one-period debt.
|Original language||English (US)|
|Number of pages||14|
|Journal||Games and Economic Behavior|
|State||Published - Jan 2004|