Part 1 Does debt management matter?, Jonas Agell and Mats Persson: some general concepts the portfolio balance approach to debt management implementing the basic model by using historical data an alternative approach to the covariance matrix how returns adjust - the effects of endogenous prices comments, Jeffrey A. Frankel and Benjamin M. Friedman. Part 2 Debt management policy, interest rates and economic activity, Benjamin M. Friedman: debt management, interest rates and asset prices a model of interest rates and economic activity empirical assessment of the effects of debt management policies comment, Staffan Viotti.
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Nielsen et al. (1992) studied this question.