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 …

This note extends the theory of the revenue maximizing rate of monetary growth to the case of a temporary suspension of …

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 …

This paper presents and tests a positive theory of monetary and fiscal policy. The government chooses the rates of … intertemporal budget constraint. The theory implies that nominal interest rates and inflation are random walks. It also implies that … for the theory …

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 …