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Seigniorage revenue and monetary policy: some preliminary evidence

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  • Joseph H. Haslag

Abstract

Producing new money is inexpensive, making seigniorage--the revenues earned from creating new money--attractive. However, the social costs of faster money creation most likely are greater than the production costs. These marginal social costs may put limits on how much real seigniorage revenue the government can earn. In this article, Joseph Haslag looks across countries to assess the typical reliance on seigniorage revenue. In addition, Haslag determines whether countries with combinations of high rates of money growth and high reserve requirements tend to rely especially heavily on seigniorage revenue.

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File URL: http://www.dallasfed.org/assets/documents/research/er/1998/er9803b.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Dallas in its journal Economic and Financial Policy Review.

Volume (Year): (1998)
Issue (Month): Q III ()
Pages: 10-20

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Handle: RePEc:fip:fedder:y:1998:i:qiii:p:10-20

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Keywords: Monetary policy ; Money ; Bank reserves ; Revenue;

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  1. Bryant, John & Wallace, Neil, 1984. "A Price Discrimination Analysis of Monetary Policy," Review of Economic Studies, Wiley Blackwell, vol. 51(2), pages 279-88, April.
  2. Sebastian Edwards & Guido Tabellini, 1990. "Explaining Fiscal Policies and Inflation in Developing Countries," NBER Working Papers 3493, National Bureau of Economic Research, Inc.
  3. Seater, John J., 1985. "On the construction of marginal federal personal and social security tax rates in the U.S," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 121-135, January.
  4. Fischer, Stanley, 1982. "Seigniorage and the Case for a National Money," Journal of Political Economy, University of Chicago Press, vol. 90(2), pages 295-313, April.
  5. Champ,Bruce & Freeman,Scott & Haslag,Joseph, 2011. "Modeling Monetary Economies," Cambridge Books, Cambridge University Press, number 9780521177009.
  6. W. Michael Cox, 1992. "Two types of paper: the case for Federal Reserve independence," Southwest Economy, Federal Reserve Bank of Dallas, issue Nov, pages 4-8.
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Cited by:
  1. Basu, Parantap, 2001. "Reserve Ratio, Seigniorage and Growth," Journal of Macroeconomics, Elsevier, vol. 23(3), pages 397-416, July.

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