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Regional Debt in Monetary Unions : Is it Inflationary?
Cooper, Russell; Kempf, Hubert; Peled, Dan - 2010
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...
Persistent link: https://www.econbiz.de/10014190466
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Insulation Impossible : Monetary Policy and Regional Fiscal Spillovers in a Federation
Cooper, Russell - 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/10013137047
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Coin Seigniorage and Inflation
Fullwiler, Scott - 2011
This paper explains in detail why proof platinum coin seigniorage would not be inflationary …
Persistent link: https://www.econbiz.de/10013121639
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Seigniorage, (Hyper)Inflation and Money Demand in Venezuela in the XXI Century : A First Estimation Attempt
Saboin, Jose Luis - 2018
The present work estimates collected seigniorage levels in the Venezuelan economy from 1994Q1 to 2018Q2 and tries to … determine when and if a seigniorage-maximizing inflation rate occurred and this way provide a rational on the development of … hyperinflation in the country. Results suggest that the Venezuelan government acts as a seigniorage maximizer. The model predicts …
Persistent link: https://www.econbiz.de/10012906561
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Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2019
Unlike most hyperinflations, during Zimbabwe's recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the...
Persistent link: https://www.econbiz.de/10012893482
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Money Demand and Seignorage Maximization Before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2020
The delayed end to Zimbabwe's hyperinflation in 2009 gave rise to an official dollarization. Before then, the Reserve Bank of Zimbabwe (RBZ) operated on the correct side of the inflation tax Laffer curve. Estimated seignorage maximizing rates derive from Bayesian, time-varying parameter,...
Persistent link: https://www.econbiz.de/10012856378
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Hyperinflation in Zimbabwe : Money Demand, Seigniorage and Aid Shocks
McIndoe Calder, Tara - 2010
calculate the maximum level of seigniorage revenue that could be raised in the economy. Actual seigniorage levels increased …
Persistent link: https://www.econbiz.de/10013143318
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Can the Central Bank alleviate fiscal burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10011704682
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Can the Central Bank Alleviate Fiscal Burdens?
Reis, Ricardo - 2017
Central banks affect the resources available to fiscal authorities through the impact of their policies on the public debt, as well as through their income, their mix of assets, their liabilities, and their own solvency. This paper inspects the ability of the central bank to alleviate the fiscal...
Persistent link: https://www.econbiz.de/10012948206
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Central Bank Digital Currency, Inflation Tax, and Central Bank Independence
Kwon, Ohik - 2020
Can introducing Central Bank Digital Currency (CBDC) improve social welfare? We construct a dual currency model to study whether introducing CBDC with a record- keeping technology can reduce tax evasion incentives, and further achieve a better al- location than in a cash-only economy. In our...
Persistent link: https://www.econbiz.de/10012836306