Haslag, Joseph H.; Bhattacharya, Joydeep - 1999
"Historically, countries have relied on seigniorage. In this paper, we explore a set of features in which a benevolent … government will rely on seigniorage. We use a simple overlapping generations model with return-dominated money. Money is valued … (central bank). We restrict the amount of seigniorage collected to be nonnegative and require that the government's budget …