determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all … seigniorage. This paper uses an optimal inflation tax approach to analyze the consequences for optimal rates of income taxation … and welfare of the alternative exchange rate and monetary arrangements. From the viewpoint of seigniorage, a system in …

This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time … inflation rate each period in a discretionary manner. One way to view the model is as a synthesis of the "tax-smoothing" theory …

A given amount of seigniorage revenue can be collected at either a high or a low rate of inflation. Thus there ray be …

costs of global CBDCs are associated with currency substitution, sudden currency depreciations, and lower seigniorage. At …

seigniorage by issuing fiat money in echange for real resources. One insightful result is that , with contemporaneous perceptionof … solution for maximal seigniorage is the reputatoinal equilibrium. More generally , the analysis shows that the objective of … maximal seigniorage produces an equilibrium inflation rate equal either to a generalization of the Friedman elasticity …

command over real resources through its ability to issue fiat money. They are (1) seigniorage (the change in the monetary base …

model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance … seigniorage loss or using Mundellian optimal currency area criteria. However, outcomes are rather different if credibility is … absent and dollarization can serve as a commitment device: the welfare impact of dollarization is ambiguous, and seigniorage …