SEIGNIORAGE AND THE WELFARE COST OF INFLATION - EVIDENCE FROM AN INTERTEMPORAL MODEL OF MONEY AND CONSUMPTION
成果类型：
Article
署名作者：
ECKSTEIN, Z; LEIDERMAN, L
署名单位：
Boston University
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90033-X
发表日期：
1992
页码：
389-410
关键词：
摘要：
This paper empirically investigates the restrictions embodied in a Sidrauski-type model for the cross-relations between consumption, money holdings, inflation, and assets' returns using quarterly data for the high-inflation economy in Israel, 1970-1988. Using a set of the estimated parameters it is shown that the model's implications for seigniorage are quite different than those from a Cagan-type model. That is, while the model is able to account for the observed stability of the seigniorage-GNP ratio, a Cagan-type model predicts a Laffer curve for seigniorage. The estimates also imply sizeable welfare costs of inflation.
来源URL：