There is widespread consensus among economists that high inflation is often caused by the government's need to raise seignorage to finance high budget deficits. Depending on the shape of the money demand function, steady-state seignorage may follow a Laffer curve, where seignorage first rises...

Fiscal deficits have been at the forefront of macroeconomic adjustment in the 1980s, both in developing and developed countries. Fiscal deficits were blamed in good part for the assortment of ills that beset developing countries in the 1980s: over-indebtedness leading to the debt crisis...

Conventional estimates of the seigniorage-maximizing inflation rate often make use of the Cagan form, which implies a constant semielasticity of money demand with respect to inflation. This paper shows that the elasticity of substitution in transactions between money and bonds determines how the...

This paper analyzes entry deterrence strategies at sequential multi-unit Englishtype repeated auctions, motivated by entry deterrence observed at a series of yearly auctions of fishing rights occurring since the early 1990s in the Chilean Sea Bass industrial fishery. It analyzes parametric...

This paper analyzes entry deterrence strategies at sequential multi-unit Englishtype repeated auctions, motivated by entry deterrence observed at a series of yearly auctions of fishing rights occurring since the early 1990s in the Chilean Sea Bass industrial fishery. It analyzes parametric...