Government debt management at low interest rates

Even if shortening the maturity of government debt does not put downward pressure on government bond yields, debt management may still become an important policy tool to serve quantity or fiscal objectives at very low interest rates. The US example in the 1930s and the recent Japanese case suggest that this tool was not fully employed.

JEL classification: E50, E51, E52, E58, E60, E61, E63, E65, H63