This paper re-examines government debt management policy in light of the U.S. experience with extraordinary fiscal and monetary policies since 2008. Brookings – Robin Greenwood, Samuel G. Hanson, Joshua S. Rudolph and Lawrence H. Summers:

“We first document that the Treasury’s decision to lengthen the average maturity of the debt has partially offset the Federal Reserve’s attempts to reduce the supply of long-term bonds held by private investors through its policy of quantitative easing. We then examine the appropriate debt management policy for the consolidated government. We argue that traditional considerations favoring longer-term debt may be overstated, and suggest that there are several advantages to issuing greater quantities of short-term debt.”