| 000 -LEADER |
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| fixed length control field |
01007nam a22001457a 4500 |
| 008 - FIXED-LENGTH DATA ELEMENTS--GENERAL INFORMATION |
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| fixed length control field |
210701b ||||| |||| 00| 0 eng d |
| 100 ## - MAIN ENTRY--PERSONAL NAME |
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| Personal name |
Ellison, Martin and Scott, Andrew |
| 245 ## - TITLE STATEMENT |
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| Title |
Managing the UK National Debt 1694–2018 |
| 260 ## - PUBLICATION, DISTRIBUTION, ETC. (IMPRINT) |
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| Place of publication, distribution, etc |
American Economic Journal Macroeconomic |
| 300 ## - PHYSICAL DESCRIPTION |
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| Extent |
12(3), Jul, 2020: p.227-257 |
| 520 ## - SUMMARY, ETC. |
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| Summary, etc |
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. – Reproduced |
| 773 ## - HOST ITEM ENTRY |
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| Main entry heading |
American Economic Journal Macroeconomic |
| 906 ## - LOCAL DATA ELEMENT F, LDF (RLIN) |
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| Subject DIP |
DEBT MANAGEMENT |
| 942 ## - ADDED ENTRY ELEMENTS (KOHA) |
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| Item type |
Articles |
