Search Results - subject_exact:"Seigniorage"

The role of reputational incentives in an international currency union : Greek monetary institutions in the classical and Hellenistic periods

Mullins, Zane Allen - 2025

In the Hellenistic era, there was widespread convergence to the Attic standard and a similar narrowing of coin types in terms of aesthetics. The competition between issuers resulted in an equilibrium in which improvements to the consistency and quality of money were sought after. This...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015376344

Intersectoral conflict and delays in macroeconomic stabilization

Razmi, Arslan - 2024

An important body of literature explores the political economy reasons underlying delays in macroeconomic stabilization. This paper develops a framework to analyze conflict between two groups of economic actors, one that has an endowment of internationally tradable goods and another that is...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014529854

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Intersectoral conflict and delays in macroeconomic stabilization

Razmi, Arslan - 2024

Book / Working Paper

Intersectoral conflict, exchange rate uncertainty, and delays in macroeconomic stabilization

Razmi, Arslan - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015462595

A present value concept for measuring welfare

Rösl, Gerhard - 2024

We create an alternative version of the present utility value formula to explicitly show that every store-of-value in the economy bears utility-interest (non-pecuniary income) for its holder regardless of possible interest earnings from financial markets. In addition, we generalize the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014530150

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A present value concept for measuring welfare

Rösl, Gerhard - 2024

Book / Working Paper

The impact of central bank digital currency on central bank profitability, risk-taking and capital

Bindseil, Ulrich; Marrazzo, Marco; Sauer, Stephan - 2024

As digital payments become increasingly popular, many central banks are looking into the issuance of retail central bank digital currency (CBDC) as a new central bank monetary liability in addition to banknotes and commercial bank reserves. CBDC will have broadly the same balance sheet and...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015133904

The issue department of the Bank of England

Capie, Forrest; Anson, Mike - 2024

This article sets out the establishment of the Issue Department of the Bank of England in 1844. We present a new series showing the profits of note issue to the present day and discuss these in relation to central bank seigniorage. We discuss its changing size and importance and the unusual uses...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015421221

Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015589592

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Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

Book / Working Paper

Seigniorage transfer payments in the context of the Common Monetary Area (CMA)

Rossouw, Jannie - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015327466

Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

I study price level determination in a currency union when some member countries' government securities earn a convenience yield. These "convenience assets" generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union's price level, much like primary...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015605061

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Fiscal seigniorage and price level determination in a currency union

Schmidt, Sebastian - 2026

Book / Working Paper

Confrontations over seigniorage in the euro area

Pfister, Christian - 2026

Concerns about the prospective evolution of seigniorage collected by central banks as a result of innovation in the field of money and payments are not new. They have resurfaced recently with the prospect of stablecoins gaining traction. This paper considers that commercial banks also collect a...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015637566

Cryptocurrency's inflation tax and the black banking solution : an OLG approach

Webb, David C. - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016088950

The main stages in the history of money

Godeffroy, Jean-Michel - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060800

Sustainability of the currency board in Bosnia and Herzegovina in the conditions of a negative interest rate on the reserve currency

Tomaš, Rajko - 2023

The Currency Board in Bosnia and Herzegovina (BiH) uses the euro as a reserve currency in the conditions of a negative nominal interest rate on deposits with the ECB. In this paper, we investigated the impact of negative interest rates on deposits and negative yields on bonds denominated in euro...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014312325

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Sustainability of the currency board in Bosnia and Herzegovina in the conditions of a negative interest rate on the reserve currency

Tomaš, Rajko - 2023

Article

The retail central bank digital currency (CBDC) landscape

Kiff, John - 2026

Persistent link: https://ebvufind01.dmz1.zbw.eu/10016060837

Openness and growth : is the relationship non-linear?

Gupta, Rangan; Stander, Lardo; Vaona, Andrea - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014327719

Monetary policy normalization, central bank profits, and seigniorage

Polański, Zbigniew; Szadkowski, Mikołaj - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013335974

Monetary policy normalization and central bank profits : a break-even point perspective

Polański, Zbigniew; Szadkowski, Mikołaj - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014293771

Convenience Lost

Jiang, Zhengyang; Richmond, Robert J.; Zhang, Tony - 2025

We show long-term Treasury convenience yields are more sensitive to changes in Treasury supply than short-term Treasury convenience yields. The fiscal expansion in the past two decades and the resultant increase in Treasury supply depressed convenience yields heterogeneously across maturities --...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015421891

The impact of central bank digital currency on central bank profitability, risk-taking and capital

Bindseil, Ulrich; Marrazzo, Marco; Sauer, Stephan - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015199507

Währungssubstitution : wie kommt es dazu und welches sind die Folgen?

Frenkel, Michael - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015407343

Señoreaje cercano al límite y acumulación de vulnerabilidad financiera en moneda extranjera : Bolivia, periodo 2009 - 2024 junio

Silva, Nano Luis - 2024

Seigniorage is the ability of a central bank to capture real resources from the economy through the creation of nominal primary money. This article investigates the conditions of financial vulnerability in foreign currency of the BCB that would limit its essential functions as lender of last...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015084244

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Señoreaje cercano al límite y acumulación de vulnerabilidad financiera en moneda extranjera: Bolivia, periodo 2009 - 2024 junio

Silva, Nano Luis - 2024

Book / Working Paper

Central banks as fiscal and financial agents of the state

Buiter, Willem H. - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015402791

Future proofing central banks' financial strength

Claessens, Stijn; Glaessner, Thomas C.; Klingebiel, Daniela - 2025

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015406442

Seigniorage revenues in the United Kingdom

Thornton, John - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015431835

Money for the issuer : liability or equity?

Bossone, Biagio; Costa, Massimo - 2021

This study analyzes the nature of money through the lens of the international principles of accounting and lays the foundations of what it calls the accounting view of money (AVM). Using international accounting principles, the AVM argues that the fiat monies issued by the state (typically,...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012886991

The effects of a money-financed fiscal stimulus under fiscal stress

Jin, Hao; Wang, Junfeng - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015064867

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The effects of a money-financed fiscal stimulus under fiscal stress

Jin, Hao; Wang, Junfeng - 2023

Book / Working Paper

Conflict fuels inflation but the tinder lies elsewhere : eclectic structuralist thoughts in a developing economy context

Razmi, Arslan - 2024

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015117893

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Conflict fuels inflation but the tinder lies elsewhere: Eclectic structuralist thoughts in a developing economy context

Razmi, Arslan - 2023

Book / Working Paper

Conflict fuels inflation but the tinder lies elsewhere : eclectic structuralist thoughts in a developing economy context

Razmi, Arslan - 2023

Book / Working Paper

Seigniorage and central banks' financial results in times of unconventional monetary policy

Polański, Zbigniew; Szadkowski, Mikołaj - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012241878

Seigniorage : Über die Einnahmen aus der Geldschöpfung

Reich, Jens - 2024

Vorwort -- 1 Seigniorage in institutioneller Perspektive -- 2 Seigniorage in der Geschichte des ökonomischen Denkens -- 3 Seigniorage aus Fiat-Währung: Der gegenwärtige Stand der Wirtschaftswissenschaft -- 4 Seigniorage aus Warenwährung -- 5 Seigniorage aus Kreditwährung -- 6 Seigniorage in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015116696

CBDC next-level: A new architecture for financial "super-stability"

Bossone, Biagio; Haines, Michael R. - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014474488

Seigniorage and inflation tax in Romania : what is the executive giving up by adopting the Euro?

Bodea, Adrian; Sánchez-Santos, José Manuel - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012415461

SNB’s Dependency on the Mercy of the Markets and the End of Seigniorage

Boos, Dominik - 2023

I reveal how SNB’s balance sheet expansion and its investment decisions interfere with monetary policy. For this aim, I decompose the returns on foreign reserves into three parts: A virtually disappeared seigniorage profit. A currency portfolio that results from FX interventions. It reveals...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014350257

Central bank digital currencies and the emerging markets : the currency substitution challenge

Edwards, Sebastian - 2021

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013167560

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Central Bank Digital Currencies and The Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - 2021

Book / Working Paper

Central Bank Digital Currencies and the Emerging Markets : The Currency Substitution Challenge

Edwards, Sebastian - 2023

Book / Working Paper

An error in the theory of seigniorage

Mach, Petr - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014519793

CBDC next-level : a new architecture for financial "super-stability"

Bossone, Biagio; Haines, Michael R. - 2023

Fractional reserve regimes generate fragile banking, and full reserve regimes (e.g., narrow banking) remove fragility at the cost of suppressing the role of banks as lenders. A Central Bank Digital Currency (CBDC) could provide safe money, but at the cost of potentially disrupting bank lending....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014230396

The secular decrease in UK safe asset market power

Choi, Jason; Dang, Duong Q.; Kirpalani, Rishabh; Perez, … - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014417913

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The Secular Decrease in UK Safe Asset Market Power

Choi, Jason; Dang, Duong Q.; Kirpalani, Rishabh; Perez, … - 2023

Book / Working Paper

Public debt as private liquidity : optimal policy

Angeletos, Marios; Collard, Fabrice; Ntellas, Charēs - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014467231

Money Talks : Information and Seignorage

Guennewig, Maxi - 2022

This paper analyses the consequences for monetary policy in the presence of currencies issued by firms. Such currencies generate seignorage revenues and information on consumers. In a benchmark model of imperfectly competing firms, information breaks the usual portfolio indeterminacy as in...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013322561

The two Gresham's laws : parallel currencies in a small country

Schwartz, Pedro - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014309390

Shotgun wedding : fiscal and monetary policy

Bassetto, Marco; Sargent, Thomas J. - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012404598

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Shotgun wedding : fiscal and monetary policy

Bassetto, Marco; Sargent, Thomas J. - 2020

Book / Working Paper

Shotgun Wedding : Fiscal and Monetary Policy

Bassetto, Marco; Sargent, Thomas J. - 2022

Book / Working Paper

Shotgun Wedding : fiscal and monetary policy

Bassetto, Marco; Sargent, Thomas J. - 2020

Book / Working Paper

Shotgun Wedding : Fiscal and Monetary Policy

Bassetto, Marco - 2020

Book / Working Paper

Shotgun Wedding : Fiscal and Monetary Policy

Bassetto, Marco; Sargent, Thomas J. - 2020

Book / Working Paper

Seigniorage Payments for Use of the Dollar Revisited : 1996-2020

Cutsinger, Bryan; Luther, William J. - 2022

This paper provides estimates of seigniorage in the United States and relates those estimates to total tax receipts and GDP. It extends earlier analysis by Barro (1982) and Jefferson (1998) up through 2020. We find that the Fed’s post-crisis operating framework has increased both the level of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013292209

Geldpolitik ohne eigene Währung? : Luxemburg im Halbschatten von Lateinischer Münzunion (1865–1914/1926) und Deutschem Zollverein (1842–1919)

Kolnberger, Thomas - 2023

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014423565

Transaction Fees and Seigniorage in Proof-of-Work Cryptocurrencies

Fabi, Michele - 2022

I study the optimal design of transaction fees and seigniorage for a Proof-of-Work cryptocurrency. Commodity merchants need blockchain miners to record their payments and secure the blockchain by remaining active. Fees make miners willing to process merchants’ transactions by compensating for...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013403735

Token-based platform finance

Cong, Lin William; Li, Ye; Wang, Neng - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012301679

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Token-Based Platform Finance

Cong, Lin William; Li, Ye; Wang, Neng - 2022

Book / Working Paper

Token-Based Platform Finance

Cong, Lin William - 2020

Book / Working Paper

Seigniorage Channel and Monetary Effectiveness in Flexible Price Economy

Huang, Guangming - 2022

Replacing government lump-sum transfers in the household budget by the seigniorage channel in a modified RBC economy, this paper finds that the monetary shocks can impact the real economy effectively in the Neoclassical flexible price condition. The mechanism of the effectiveness is the resource...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10014077456

El costo de oportunidad del señoreaje en Argentina

Ávila, Jorge C. - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012885383

Seigniorage payments and the Federal Reserve's new operating regime

Cutsinger, Bryan P.; Luther, William J. - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013473123

Central bank capital as an instrument of monetary policy

Hampl, Mojmír; Havránek, Tomáš - 2018

We examine the use of central bank capital as an unconventional monetary policy tool. In this setting, a central bank employs digital currency to transfer digital cash to each household, thus supporting consumption directly when needed. The asset side of the central bank's balance sheet remains...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011906669

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Central bank capital as an instrument of monetary policy

Hampl, Mojmír; Havránek, Tomáš - 2018

Book / Working Paper

The macroeconomics of central bank digital currencies

Barrdear, John; Kumhof, Michael - 2022

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013474148

Money for the issuer: Liability or equity?

Bossone, Biagio; Costa, Massimo - 2021

Persistent link: https://ebvufind01.dmz1.zbw.eu/10015100671