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This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time … deficits through bond issue or money creation, (ii) private-sector expectations are rational, and (iii) the government sets the …
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This paper shows that the optimal extraction of seigniorage implies a strong tendency for inflation to fall over time … deficits through bond issue or money creation, (ii) private-sector expectations are rational, and (iii) the government sets the …
Persistent link: https://www.econbiz.de/10012476187
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This paper develops a dynamic model of seigniorage in which economies' equilibrium paths reflect the ongoing strategic …
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