Ellison, Martin and Scott, Andrew <br/><br/>
Managing the UK National Debt 1694–2018 

 - American Economic Journal Macroeconomic   
 - 12(3), Jul, 2020: p.227-257 
<br/><br/> 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