000			01007nam a22001457a 4500
999			_c517124 _d517124
008			210701b ||||| |||| 00| 0 eng d
100			_aEllison, Martin and Scott, Andrew _926148
245			_aManaging the UK National Debt 1694–2018
260			_aAmerican Economic Journal Macroeconomic
300			_a12(3), Jul, 2020: p.227-257
520			_aWe 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			_aAmerican Economic Journal Macroeconomic
906			_aDEBT MANAGEMENT
942			_cAR