OPTIMAL RESERVE REQUIREMENTS, DEPOSIT TAXATION, AND THE DEMAND FOR MONEY
成果类型：
Article
署名作者：
MOURMOURAS, A; RUSSELL, S
署名单位：
Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University System of Georgia; University of Georgia; International Monetary Fund
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/0304-3932(92)90048-7
发表日期：
1992
页码：
129-142
关键词：
摘要：
We study welfare and equivalence relationships between two schemes for financing a recurrent real expenditure: reserve-requirement-augmented seigniorage (RRS) and seigniorage/deposit tax combinations (SD). The model we employ includes overlapping generations, fiat currency, and a risky physical asset. Its implications depend critically on whether it is specified so as to be 'diversifying' - so that fiat currency has value when the expenditure is financed via optimal taxation of asset returns. If the specification is diversifying, RRS is broadly equivalent to SD, and an interior reserve ratio can be part of an optimal financing scheme. If it is not, the best RRS scheme involves an extreme reserve ratio, produces a hyperinflation, and is Pareto-dominated by a pure deposit tax scheme.
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