; sowie die Aussichten für diese Größen bei allmählicher "Normalisierung" der Geldpolitik. Seigniorage offenbart die …This study investigates the evolution of central bank profits as fiscal revenue - or: seigniorage - before and in the … monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency issuance and …

purposes, had major side-effects on fiscal policy. One concerns the programme´s uncommon seigniorage effects. We find that the … PSPP not only led to partly negative seigniorage gains, but also produced super-seigniorage gains resulting from negative …

This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the … as monetary policies are seeing their gradual "normalization". Seigniorage exposes the connections between currency … seigniorage, and in normal times seigniorage largely derives from the note issue supplemented by "own" resources. Essentially, the …