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The Optimal Collection of Seigniorage: Theory and Evidence

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Author Info
N. Gregory Mankiw

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Abstract

This paper presents and tests a positive theory of monetary and fiscal policy. The government chooses the rates of taxation and inflation to minimize the present value of the social cost of raising revenue given exogenous expenditure and an intertemporal budget constraint. The theory implies that nominal interest rates and inflation are random walks. It also implies that nominal interest rates and inflation move together with tax rates. United States data from 1952 to 1985 provide some support for the theory.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 2270.

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Date of creation: Feb 1988
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Handle: RePEc:nbr:nberwo:2270

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This page was last updated on 2009-11-21.

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