Search Results - subject_exact:"Seigniorage gain"

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

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

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

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

Seigniorage revenues in the United Kingdom

Thornton, John - 2024

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

The main stages in the history of money

Godeffroy, Jean-Michel - 2026

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

The retail central bank digital currency (CBDC) landscape

Kiff, John - 2026

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

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

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

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

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

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

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

Razmi, Arslan - 2025

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

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

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

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

Monetary policy normalization, central bank profits, and seigniorage

Polański, Zbigniew; Szadkowski, Mikołaj - 2022

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

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

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

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

Rossouw, Jannie - 2024

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

Transition issues for the European Monetary Union

Buiter, Willem H. - 1997

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013422410

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Transition issues for the European Monetary Union

Buiter, Willem H. - 1997

Book / Working Paper

Transition Issues for the European Monetary Union

Buiter, Willem H.; Sibert, Anne C. - 2021

Book / Working Paper

Transition Issues for the European Monetary Union

Buiter, Willem H. - 1997

Book / Working Paper

A Proposal for a Canadian CBDC

Choi, Kyoung Jin; Henry, Ryan; Lehar, Alfred; Reardon, Joel - 2021

Undoubtedly inspired by recent advances in technology-driven payment systems such as mobile payment systems, cryptocurrencies, and blockchain technologies, recent years have seen central banks worldwide explore the possibility of issuing digital forms of fiat money called central bank digital...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013241428

Dollarization : Analytical Issues

Chang, Roberto; Velasco, Andrés - 2021

This paper discusses major analytical aspects of dollarization and their practical implications. We develop a simple model to stress that dollarization implies the loss of independent monetary policy and of seigniorage, yet the significance of such losses can only be evaluated in conjunction...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013245507

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Dollarization : Analytical Issues

Chang, Roberto - 2002

Book / Working Paper

Seigniorage, operating rules, and the high inflation trap

Bruno, Michael - 1990

Persistent link: https://ebvufind01.dmz1.zbw.eu/10001092026

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Seigniorage, Operating Rules and the High Inflation Trap

Bruno, Michael; Fischer, Stanley - 2021

Book / Working Paper

Seigniorage, Operating Rules and the High Inflation Trap

Bruno, Michael - 1987

Book / Working Paper

Seigniorage in Europe

Grilli, Vittorio U. - 1988

Persistent link: https://ebvufind01.dmz1.zbw.eu/10000757837

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Seigniorage in Europe

Grilli, Vittorio U. - 2021

Book / Working Paper

Seigniorage in Europe

Grilli, Vittorio U. - 1988

Book / Working Paper

Seigniorage in Europe

Grilli, Vittorio U. - 1988

Book / Working Paper

Corruption, Seigniorage and Growth : Theory and Evidence

Blackburn, Keith; Neanidis, Kyriakos C.; Haque, M. Emranul - 2021

This paper presents an analysis of the effect of bureaucratic corruption on economic growth through a public finance transmission channel. At the theoretical level, we develop a simple dynamic general equilibrium model in which financial intermediaries make portfolio decisions on behalf of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013316495

Seigniorage and political instability

Cukierman, Alex - 1992

Persistent link: https://ebvufind01.dmz1.zbw.eu/10001126149

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Seigniorage and political instability

Cukierman, Alex - 1990

Book / Working Paper

Seigniorage and Political Instability

Cukierman, Alex; Edwards, Sebastian; Tabellini, Guido Enrico - 2021

Book / Working Paper

Seigniorage and political instability

Cukierman, Alex - 1990

Book / Working Paper

Seigniorage and Political Instability

Cukierman, Alex - 1989

Book / Working Paper

Seigniorage and fixed exchange rates : an optimal inflation tax analysis

Fischer, Stanley - 1981

Persistent link: https://ebvufind01.dmz1.zbw.eu/10002160135

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Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis

Fischer, Stanley - 2021

Book / Working Paper

Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis

Fischer, Stanley - 1981

Book / Working Paper

The Competitive Externalities and the Optimal Seignorage

Aizenman, Joshua - 2021

The purpose of this study is to analyze the behavior of the inflation tax in an economy where, due to coordination failure, the inflation rate is not determined by a unique policy maker but by several competing decision makers. Each decision maker can effectively print more paper money via the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013219991

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The Competitive Externalities and the Optimal Seignorage

Aizenman, Joshua - 1989

Book / Working Paper

Are stationary hyperinflation paths learnable?

Adam, Klaus; Evans, George W.; Honkapoja, Seppo - 2003

Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10011507885

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Are Stationary Hyperinflation Paths Learnable?

Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 2021

Book / Working Paper

The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

Persistent link: https://ebvufind01.dmz1.zbw.eu/10001625745

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The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

Book / Working Paper

The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

Book / Working Paper

The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

Book / Working Paper

The enlargement of the European Union and the redistribution of seigniorage wealth

Feist, Holger - 2001

Book / Working Paper

The Enlargement of the European Union and the Redistribution Of Seigniorage Wealth

Feist, Holger - 2021

Book / Working Paper

Seignorage Wealth in the Eurosystem : Eurowinners and Eurolosers Revisited

Sinn, Hans-Werner; Feist, Holger - 2021

The rules laid down in Article 32 of the Protocol No. 18 on the Statute of the European System of Central Banks and of the European Central Bank of the Maastricht Treaty will significantly redistribute European seignorage income and hence the implicit entitlement to the 352 billion Euro stock of...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10013321206

The optimal collection of seigniorage : theory and evidence

Mankiw, Nicholas Gregory - 1987

Persistent link: https://ebvufind01.dmz1.zbw.eu/10001266756

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The optimal collection of seigniorage : theory and evidence

Mankiw, Nicholas Gregory - 1987

Book / Working Paper

The optimal collection of seigniorage : theory and evidence

Mankiw, Nicholas Gregory - 1987

Book / Working Paper

The Optimal Collection of Seigniorage : Theory and Evidence

Mankiw, N. Gregory - 2021

Book / Working Paper

The Optimal Collection of Seigniorage : Theory and Evidence

Mankiw, N. Gregory - 1987

Book / Working Paper

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

Seigniorage through Periodic Recoinage : When the Validity of Money Was Restricted in Time

Svensson, Roger - 2020

A monetary system called periodic re-coinage was used during almost 200 years in large part of medieval Europe. Old coins were frequently declared invalid and had to be exchanged for new ones for an exchange fee. This system – which is equivalent to a Gesell tax – required a limited coin...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012827270

Seigniorage and sovereign default : the response of emerging markets to COVID-19

Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; … - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012306883

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

Covid-19 : has the time come for mainstream macroeconomics to rehabilitate money printing?

Arquié, Axelle; Héricourt, Jérôme; Tripier, Fabien - 2020

The scale of public expenditure to be incurred in the Covid-19 health crisis is raising heated debates about the appropriate funding. Long rejected by mainstream macroeconomics due to its possible inflationary consequences, monetization is currently undergoing a surprising rehabilitation....

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012233283

The Search for Seigniorage : Periodic Re-Coinage in Medieval Sweden

Svensson, Roger - 2020

A specific monetary tax − called periodic re-coinage − was applied for almost 200 years in large parts of medieval Europe. Old coins were frequently declared invalid and exchanged for new ones based on publicly announced dates and exchange fees. A theoretical framework of how periodic...

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012830534

The Riksbank's seigniorage and the e-krona

Gustafsson, Peter; Lagerwall, Björn - 2020

Persistent link: https://ebvufind01.dmz1.zbw.eu/10012302145