Specifying Seigniorage for Time Consistency

It is shown that the traditional specification of the revenue form money creation implies a retroactive inflation tax and leads to time inconsistency in monetary policy. The specification that leads to time consistency turns out to be Auernheimer s "honest government" seigniorage revenue.

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Year of publication:	1983-05
Authors:	Remolona, Eli M.
Institutions:	School of Economics, University of the Philippines at Diliman

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Series:	UP School of Economics Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Published as UPSE Discussion Paper No. 1983-06, May 1983 Number 198306
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010670639