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Measuring the Fed's Revenue from Money Creation


  • Robert J. Barro


The national accounts include the Fed's payments to the Treasury as a component of corporate taxes. These payments constituted 22% of reported corporate profits taxes in 1981. This paper discusses alternative concepts of inflationary finance. Measures for these concepts are reported for the post-World War I1 period

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  • Robert J. Barro, 1982. "Measuring the Fed's Revenue from Money Creation," NBER Working Papers 0883, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:0883
    Note: EFG

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    References listed on IDEAS

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    8. Fumio Hayashi, 1979. "The Permanent Income Hypothesis: Estimation and Testing," Discussion Papers 484, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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    Cited by:

    1. E.J. Stevens, 1991. "Is there any rationale for reserve requirements?," Economic Review, Federal Reserve Bank of Cleveland, issue Q III, pages 2-17.
    2. Huang, Chao-Hsi & Lin, Kenneth S., 1993. "Deficits, government expenditures, and tax smoothing in the United States: 1929-1988," Journal of Monetary Economics, Elsevier, vol. 31(3), pages 317-339, June.
    3. Soldatos, Gerasimos T. & Varelas, Erotokritos, 2014. "The Chicago Tradition and Commercial Bank Seigniorage," MPRA Paper 57721, University Library of Munich, Germany.
    4. Hughes Hallett, Andrew & Myrvin, Anthony, 2000. "Should Argentina Adopt The US Dollar?," CEPR Discussion Papers 2412, C.E.P.R. Discussion Papers.
    5. Jefferson, Philip N., 1998. "Seigniorage payments for use of the dollar: 1977-1995," Economics Letters, Elsevier, vol. 58(2), pages 225-230, February.
    6. Jakob Korbinian Eberl, 2016. "The Collateral Framework of the Eurosystem and Its Fiscal Implications," ifo Beiträge zur Wirtschaftsforschung, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, number 69, April.
    7. Hattori, Takahiro & Oguro, Kazumasa, 2016. "An endeavor to estimate seigniorage before the end of and immediately after the Pacific War," Journal of the Japanese and International Economies, Elsevier, vol. 41(C), pages 1-16.

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