Optimizing the Maturity Structure of U.S. Treasury Debt: A Model-Based Framework. Brookings Institution. Terry Belton et al. October 10, 2018
The U.S. Treasury doesn’t decide how much money to borrow each year; that depends on the gap between federal spending and revenues. The Treasury does decide how to borrow – that is, how much short-term and how much long-term and how much in between. These decisions typically involve a trade-off between minimizing expected costs of borrowing and minimizing fiscal risks. [Note: contains copyrighted material].
[PDF format, 40 pages].
