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

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

Modern theory has delivered both the conservative central banker and the principal-agent approaches as rationales for …

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 …