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| Author: | Herrendorf, B. |
| Title: | Time consistent collection of optimal seigniorage: a unifying framework |
| Journal: | Journal of Economic Surveys
1997 : VOL. 11:1, p. 1-46 |
| Index terms: | ECONOMICS INFLATION TAXATION |
| Language: | eng |
| Abstract: | This paper reviews the existing literature on the time consistency problem of seigniorage collection when monetary policy is determined by optimal taxation considerations. It develops a unifying accounting framework and suggests a general measure for seigniorage, which encompasses the standard measures employed in the literature. In addition, the ex ante optimal solution to the optimal taxation problem is derived and interpreted in relation to the Ramsey principle. The author shows that the different recommendations of the public finance literature are specific solutions to the optimal taxation problem. |
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