RENOVATIO MONETAE: WHEN GESELL TAXES WORKED
成果类型：
Article
署名作者：
Svensson, Roger; Westermark, Andreas
署名单位：
Research Institute of Industrial Economics (IFN); Sveriges Riksbank
刊物名称：
INTERNATIONAL ECONOMIC REVIEW
ISSN/ISSBN：
0020-6598
DOI：
10.1111/iere.12441
发表日期：
2020
页码：
821-846
关键词：
摘要：
Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash-in-advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old coins, and a long time period between re-mintings induce people to use new coins.
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