Seigniorage revenue and monetary policy: some preliminary evidence
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.
Volume (Year): (1998)
Issue (Month): Q III ()
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- Sebastian Edwards & Guido Tabellini, 1990.
"Explaining Fiscal Policies and Inflation in Developing Countries,"
NBER Working Papers
3493, National Bureau of Economic Research, Inc.
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- John Bryant & Neil Wallace, 1984. "A Price Discrimination Analysis of Monetary Policy," Review of Economic Studies, Oxford University Press, vol. 51(2), pages 279-288.
- 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.
- 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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