SMU SOE Seminar (Mar 26, 2018): Optimal Debt-Maturity Management

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ABSTRACT A Government wishes to smooth financial expenses and can issue fixed-coupon bonds among a continuum of maturities. The Government takes into account its price impact. It faces income, interest-rate, and liquidity risk. It acknowledges its own temptation to default. We characterize variations of this problem, compute its risky steady state and present applications. Keywords: Maturity, Debt Management, Open Economics JEL Classification: F34, F41, G11 Click here to view the CV.
		PRESENTER Saki Bigio University of California, Los Angeles
		RESEARCH FIELDS Finance Macroeconomics
		DATE: 26 March 2018 (Monday)
		TIME: 4pm - 5.30pm
		VENUE: Meeting Room 5.1, Level 5 School of Economics Singapore Management University 90 Stamford Road Singapore 178903