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The Evolution of Seigniorage during the Crisis
Emilia, Clipici - In: Ovidius University Annals, Economic Sciences Series XII (2012) 2, pp. 1044-1049
seigniorage. The mechanism that is used is the direct loan, from the Treasury (the Government’s cash desk) from the central bank …, which means creating a an additional monetary base. Basically, seigniorage is not different from the financing of the budget … structured as follows: conceptual aspects concerning the seigniorage in section 1, section 2 showing the models for calculate the …
Persistent link: https://www.econbiz.de/10010926029
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Regional Debt in Monetary Unions: Is it Inflationary ?
Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2008
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with non inflationary consequences ? Or will the circulation of region debt induce monetization by a central bank ? We argue here that both...
Persistent link: https://www.econbiz.de/10010738623
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Insulation Impossible : Fiscal Spillovers in a Monetary Union
Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10010603663
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The Technology and Economics of Coinage Debasements in Medieval and Early Modern Europe: with special reference to the Low Countries and England
Munro, John H. - University of Toronto, Department of Economics - 2012
the princes who earned seigniorage revenues from those mints. To be sure, the general public often suffered the … consequences of this seigniorage tax from the consequent inflation. But another goal of this study is to demonstrate that inflation …
Persistent link: https://www.econbiz.de/10011132479
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem - Volkswirtschaftliche Fakultät, … - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011114270
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Central Banks: Powerful, Political and Unaccountable?
Buiter, Willem H. - C.E.P.R. Discussion Papers - 2014
Central banks’ economic and political importance has grown in advanced economies since the start of the Great Financial Crisis in 2007. An unwillingness or inability of governments to use countercyclical fiscal policy has made monetary policy the only stabilization tool in town. However, much...
Persistent link: https://www.econbiz.de/10011084413
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The Optimal Inflation Tax
Correia, Isabel; Teles, Pedro - In: Review of Economic Dynamics 2 (1999) 2, pp. 325-346
We determine the second best rule for the inflation tax in monetary general equilibrium models where money is dominated in rate of return. The results in the literature are ambiguous and inconsistent across different monetary environments. We derive and compare the optimal inflation tax...
Persistent link: https://www.econbiz.de/10005085613
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The Optimal Mix of Taxes on Money, Consumption and Income
De Fiore, Fiorella; Teles, Pedro - C.E.P.R. Discussion Papers - 2002
We determine the optimal combination of taxes on money, consumption and income in transactions technology models where exogenous government expenditures must be financed with distortionary taxes. We show that the optimal policy does not tax money, regardless of whether the government can use as...
Persistent link: https://www.econbiz.de/10005656128
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Is the Friedman Rule Optimal When Money is an Intermediate Good?
Correia, Isabel; Teles, Pedro - C.E.P.R. Discussion Papers - 1996
transactions costs, it is optimal to set the inflation tax to zero when seigniorage is replaced by revenue from distortionary taxes …
Persistent link: https://www.econbiz.de/10005666470
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The Future of Sovereign Borrowing in Europe
Sauter, Nicolas; Blommestein, Hans J.; Kilponen, Juha; … - SUERF - The European Money and Finance Forum
In March 2013 around 130 participants from academia, banking and finance, governments and central banking gathered at the premises of the OeNB in Vienna for a conference jointly organized by the European Money and Finance Forum SUERF, the OeNB and the Austrian Society for Bank Research to...
Persistent link: https://www.econbiz.de/10011070910