Bond Market Clienteles, the Yield Curve, and the Optimal Maturity Structure of Government Debt
---- Acknowledgements -----
We thank Marios Angeletos, Elisa Faraglia, Roger Farmer, Xavier Gabaix, Douglas Gale, Luciano Greco, Robin Greenwood, Denis Gromb, Alessandro Missale, Herakles Polemarchakis, Ioanid Rosu, Pietro Veronesi (the editor), an anonymous referee, seminar participants at Cambridge, HEC Paris, LSE, LUISS Guido Carli, Oxford, Padova, Tilburg, UCLA, Warwick, and participants at the MTS and Western Finance Association conferences for helpful comments. Financial support from the Paul Woolley Centre at the LSE is gratefully acknowledged. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.