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printing money, this revenue, the seigniorage, is at the expense of the public, as the purchasing power of monetary units … model, the authors develop the formula for seigniorage in continuous time. The seigniorage calculated in this way is lower … than the seigniorage calculated upon the assumption of discrete changes in economic variables. …
Persistent link: https://www.econbiz.de/10005036705
Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective - joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of...
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The paper focuses on selective investment incentives. The main aim is to discuss question how to quantify net fiscal impact properly. As shown, the problem is not trivial - the proper quantification presupposes using of several parameters, accounting of costs in the economic sense of this word...
Persistent link: https://www.econbiz.de/10005036657
In this paper the stability of an inflationary process is examined. A dynamic model of the inflation has been developed based on the quantity theory of money. Some theorists say that any rate of inflation other than zero is inherently instable. They say that as people become aware of the fact of...
Persistent link: https://www.econbiz.de/10008754967
The transformation of the world economy over the past two decades has been manifesting itself in various forms. On the one hand, there is an increasing interdependence of the world economy, which is a manifestation of the depth of the globalization process, mainly thanks to the expansion of...
Persistent link: https://www.econbiz.de/10008500692
An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer´s (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and...
Persistent link: https://www.econbiz.de/10008876467
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