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Seigniorage revenue and monetary policy: some preliminary evidence

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Author Info
Joseph H. Haslag

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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/research/er/1998/er9803b.pdf
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Publisher 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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Related research
Keywords: Monetary policy ; Money ; Bank reserves ; Revenue;

References listed on IDEAS
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  1. 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. [Downloadable!] (restricted)
  2. Bryant, John & Wallace, Neil, 1984. "A Price Discrimination Analysis of Monetary Policy," Review of Economic Studies, Blackwell Publishing, vol. 51(2), pages 279-88, April. [Downloadable!] (restricted)
  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. [Downloadable!] (restricted)
  4. Edwards, Sebastian & Tabellini, Guido, 1991. "Explaining fiscal policies and inflation in developing countries," Journal of International Money and Finance, Elsevier, vol. 10(1, Supple), pages S16-S48, March. [Downloadable!] (restricted)
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  5. W. Michael Cox, 1992. "Two types of paper: the case for Federal Reserve independence," The Southwest Economy, Federal Reserve Bank of Dallas, issue Nov, pages 4-8.
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This page was last updated on 2009-12-6.

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