Seigniorage As a Tax : A Quantitative Evaluation
AbstractIn this paper we analyze the efficacy of seignorage as a tax associated with various monetary arrangements in a computable general equilibrium model. For the economies examined, we find that seignorage tax is not a good one relative to a tax on labor income. If the after-tax real return is â5 percent, as it was in the 1974â1978 period, welfare is approximately 0.5 percent of consumption lower than it would be if the after-tax return were zero.
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Bibliographic InfoPaper provided by Southern California - School of Business Administration in its series Papers with number 91-3.
Length: 21 pages
Date of creation: 1991
Date of revision:
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Postal: University of Southern California, School of BusinessAdministration, Los Angeles, CA 90089-1421.
Web page: http://www.marshall.usc.edu/
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financial policy ; taxes ; consumption ; economic models;
Other versions of this item:
- Imrohoruglu, Ayse & Prescott, Edward C, 1991. "Seigniorage as a Tax: A Quantitative Evaluation," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 23(3), pages 462-75, August.
- Ayse Imrohoroglu & Edward Prescott, 1991. "Seigniorage as a tax: a quantitative evaluation," Proceedings, Federal Reserve Bank of Cleveland, pages 462-482.
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- Hansen, Gary D., 1985.
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- Andreas Hornstein & Edward C. Prescott, 1989. "The firm and the plant in general equilibrium theory," Staff Report 126, Federal Reserve Bank of Minneapolis.
- Richard Rogerson, 2010.
"Indivisible Labor, Lotteries and Equilibrium,"
Levine's Working Paper Archive
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- Fischer, Stanley, 1981. "Towards an understanding of the costs of inflation: II," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 15(1), pages 5-41, January.
- Scheinkman, Jose A & Weiss, Laurence, 1986. "Borrowing Constraints and Aggregate Economic Activity," Econometrica, Econometric Society, vol. 54(1), pages 23-45, January.
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