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The authors provides a rigorous analysis of Milton Friedman's parable of the 'helicopter' drop of money - a permanent/irreversible increase in the nominal stock of fiat base money which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010361687
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under …
Persistent link: https://www.econbiz.de/10011507885
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The author provides a rigorous analysis of Milton Friedman's parable of the "helicopter" drop of money a permanent/irreversible increase in the nominal stock of fiat base money rate which respects the intertemporal budget constraint of the consolidated Central Bank and Treasury - the State....
Persistent link: https://www.econbiz.de/10010392960
Persistent link: https://www.econbiz.de/10011687049
Persistent link: https://www.econbiz.de/10014293771
developing country set-up where the government employs seigniorage revenue to finance spending pre-stabilization, and faces …
Persistent link: https://www.econbiz.de/10014529854
become insolvent. We also develop a new measure of seigniorage and demonstrate why the well-established concept of monetary … seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money …
Persistent link: https://www.econbiz.de/10014530150
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