economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments …. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes …

The observation that collection lags combine with inflation to erode fiscal revenues has long been a strong argument …, leave unchanged, or reduce the desired rate of inflation …

inflation tax. It is well known that conventional national accounts definitions usually misplace the proceeds from the inflation … inflation tax on the part of the Government is associated with higher private saving, even in situations where the composition …

times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …

times. An inflation shock only slightly reduces the debt ratio for a few quarters. A positive growth shock unambiguously …

equilibrium with no inflation and no default exists. However, highly-indebted countries are more likely to default once they join …

This paper focuses on the role of debt maturity in managing the government’s incentives to use opportunistic inflation … powerful instrument to affect the time profile of the inflation tax base and, hence, to mitigate the distortions introduced by …

We analyse optimal monetary and fiscal policy in a New-Keynesian model with public debt and inflation persistence … striking result is not true with high degrees of inflation persistence. Secondly, we show that optimal fiscal policy is more … active under discretion than commitment at all degrees of inflation persistence and all levels of debt …