HOW LARGE IS THE OPTIMAL INFLATION TAX

• 成果类型: Article
• 署名作者: BRAUN, RA
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/0304-3932(94)90049-3
• 发表日期: 1994
• 页码: 201-214
• 关键词: OPTIMAL INFLATION TAX; Cash-in-advance

摘要

I examine the title question in a competitive framework where the transaction demand for money is modeled using a cash-in-advance constraint and only distortionary taxes are possible. Empirical evidence and simulations are used to document the plausibility of the assumptions which produce the Friedman rule; these findings suggest that it is not a good benchmark. My results suggest that an optimal monetary policy calls for nominal interest rates that can exceed 6% per year.