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Price level determination and seigniorage in a cash-in-advance economy with inside money

  • Stéphane Dupraz

    (UP1 UFR02 - Université Paris 1, Panthéon-Sorbonne - UFR d'Économie - Université Paris I - Panthéon-Sorbonne - PRES HESAM)

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    Une monnaie interne est introduite dans un modèle d'équilibre général monétaire avec production. Ce dernier comprend des actifs financiers, dont certains sont les dépôts à vue, un passif des banques utilisé comme moyen de paiement. La demande de monnaie provient d'une contrainte d'encaisses préalables. Il est montré que la substitution d'une monnaie interne à la monnaie externe généralement utilisée dans les modèles de Cash-In-Advance peut fortement nuancer les deux principales caractéristiques de la modélisation à contrainte d'encaisses préalables. Premièrement, le niveau des prix de l'économie peut ne pas être déterminé à travers l'équation quantitative de la monnaie, même dans le cas d'un contrôle des réserves des banques. Deuxièmement, il est possible que la taxe inflationniste cache une subvention inflationniste à l'épargne, quantitativement plus importante.

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    Paper provided by HAL in its series Post-Print with number dumas-00643707.

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    Date of creation: 30 Jun 2011
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    Handle: RePEc:hal:journl:dumas-00643707
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