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Subject
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Seigniorage 783 Münzgewinn 690 Theorie 279 Theory 277 Geldpolitik 187 Monetary policy 180 Inflation 143 seigniorage 132 Central bank 110 Zentralbank 109 EU countries 96 EU-Staaten 96 Eurozone 80 Euro area 77 Währungsunion 73 Public debt 67 Monetary union 66 Öffentliche Schulden 63 Inflation tax 62 Inflationssteuer 56 Finanzpolitik 52 Welt 50 World 49 Fiscal policy 48 Schätzung 48 Estimation 47 USA 42 United States 41 Currency substitution 40 Währungssubstitution 40 Central bank independence 36 Zentralbankunabhängigkeit 35 Money demand 34 inflation 34 Geldnachfrage 29 Deutschland 27 Hyperinflation 27 Money creation 27 Geldschöpfung 26 Inflationsbekämpfung 26
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Online availability
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Free 319 Undetermined 117
Type of publication
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Book / Working Paper 522 Article 382 Other 2
Type of publication (narrower categories)
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Article in journal 292 Aufsatz in Zeitschrift 292 Working Paper 207 Graue Literatur 188 Non-commercial literature 188 Arbeitspapier 183 Aufsatz im Buch 38 Book section 38 Hochschulschrift 22 Thesis 16 Collection of articles written by one author 4 Dissertation u.a. Prüfungsschriften 4 Sammlung 4 Article 3 Bibliografie enthalten 3 Bibliography included 3 Amtsdruckschrift 2 Bibliografie 2 Forschungsbericht 2 Government document 2 Systematic review 2 Übersichtsarbeit 2 Collection of articles of several authors 1 Conference Paper 1 Conference paper 1 Konferenzbeitrag 1 Mehrbändiges Werk 1 Multi-volume publication 1 Preprint 1 Sammelwerk 1 Statistics 1 Statistik 1
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Language
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English 671 Undetermined 129 German 56 Spanish 12 Hungarian 9 French 7 Polish 7 Russian 4 Italian 3 Czech 2 Dutch 2 Portuguese 2 Romanian 1 Slovak 1
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Author
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Buiter, Willem H. 25 Feist, Holger 23 Reis, Ricardo 20 Lange, Carsten 18 Gros, Daniel 17 Budina, Nina 14 Evans, George W. 14 Cukrowski, Jacek A. 13 Sinn, Hans-Werner 13 Adam, Klaus 12 Honkapohja, Seppo 12 Jordan, Thomas 11 Baltensperger, Ernst 10 Hefeker, Carsten 10 Obstfeld, Maurice 10 Haslag, Joseph H. 9 Rösl, Gerhard 9 Cukierman, Alex 8 Cukrowski, Jacek 8 Edwards, Sebastian 8 Fischer, Stanley 8 Huff, Gregg 8 Miller, Marcus 8 Aarle, Bas van 7 Corsetti, Giancarlo 7 Ercolani, Marco G. 7 Homburg, Stefan 7 Majima, Shinobu 7 Neumann, Manfred J. M. 7 Svensson, Roger 7 Zhang, Lei 7 Blackburn, Keith 6 Bohn, Frank 6 Dedola, Luca 6 Fischer, Andreas M. 6 Kempf, Hubert 6 Neanidis, Kyriakos C. 6 Nolte, Florian 6 Peled, Dan 6 Schobert, Franziska 6
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Institution
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C.E.P.R. Discussion Papers 25 National Bureau of Economic Research 17 Volkswirtschaftliche Fakultät, Ludwig-Maximilians-Universität München 13 CESifo 5 Centre d'Études et de Recherches sur le Développement International (CERDI), École d'Économie 5 EconWPA 5 HAL 5 University of Toronto, Department of Economics 5 Banque de France 3 Vanderbilt University Department of Economics 3 Wirtschaftswissenschaftliche Fakultät, Leibniz Universität Hannover 3 Bureau d'Économie Théorique et Appliquée (BETA), Université de Strasbourg 2 Center for Economic Research and Graduate Education and Economics Institute (CERGE-EI) 2 Center for Financial Studies 2 Centre d'Économie de la Sorbonne, Université Paris 1 (Panthéon-Sorbonne) 2 Department of Economics, Oxford University 2 Department of Economics, University of Warwick 2 Institut für Theoretische Volkswirtschaftslehre <Hamburg> 2 Institut für Weltwirtschaft (IfW) 2 International Monetary Fund (IMF) 2 Philippine Institute for Development Studies (PIDS), Government of the Philippines 2 Česká Národní Banka 2 Bank für Internationalen Zahlungsausgleich 1 Barcelona Graduate School of Economics (Barcelona GSE) 1 Birkbeck, Department of Economics, Mathematics & Statistics 1 Birmingham Business School 1 CASE-Center for Social and Economic Research 1 Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain 1 Centre for Dynamic Macroeconomic Analysis, University of St. Andrews 1 Centre for European Economic Studies <Leicester> 1 Centre for European Policy Studies 1 Centre for Macroeconomics (CFM) 1 Centre for the Study of African Economies (CSAE), Department of Economics 1 Department of Economics and Business, Universitat Pompeu Fabra 1 Department of Economics and Finance Research and Teaching, Institut für Höhere Studien (IHS) 1 Department of Economics, University of Oregon 1 Department of Economics, University of Utah 1 Dhanāgār-Heeṅ-P̱raḥdeś-Daiy 1 Dipartimento di Scienze Economiche, Facoltà di Economia 1 Ecole des hautes études commerciales <Lausanne> / Département d'économétrie et d'économie politique 1
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Published in...
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CEPR Discussion Papers 25 Working paper / National Bureau of Economic Research, Inc. 22 Discussion paper / Centre for Economic Policy Research 21 NBER working paper series 17 NBER Working Paper 15 Journal of macroeconomics 12 MPRA Paper 12 IMF working paper 9 Journal of money, credit and banking : JMCB 9 CESifo Working Paper Series 8 CESifo working papers 8 Economics letters 8 Journal of economic dynamics & control 7 Journal of monetary economics 7 Studia i analizy / Centrum Analiz Społeczno-Ekonomicznych 7 European economic review : EER 6 Közgazdasági szemle : a magyar Tudományos Akadémia Közgazdaságtudományi Bizottságának folyóirata 6 CEPS working document 5 CESifo Working Paper 5 Discussion paper / B 5 Journal of international money and finance 5 Research Department working paper / Federal Reserve Bank of Dallas 5 Working Papers / Centre d'Études et de Recherches sur le Développement International (CERDI), École d'Économie 5 Working Papers / University of Toronto, Department of Economics 5 Applied economics 4 Economic inquiry : journal of the Western Economic Association International 4 Economics / Journal articles : the open-access, open-assessment journal 4 Explorations in economic history : EEH 4 Hannover Economic Papers (HEP) 4 Journal of development economics 4 Kredit und Kapital 4 Weltwirtschaftliches Archiv : Zeitschrift des Instituts für Weltwirtschaft an der Universität Kiel 4 Working paper series / Charles University, Center for Economic Research and Graduate Education ; Academy of Sciences of the Czech Republic, Economics Institute, CERGE-EI 4 Ėkonomičeskij žurnal Vysšej Školy Ėkonomiki : ežekvartal'nyj naučno-informacionnyj žurnal 4 Discussion papers / CEPR 3 Diskussionsbeiträge / Volkswirtschaftliches Institut Bern, Abteilung für Angewandte Mikroökonomie 3 Diskussionsbeiträge / Volkswirtschaftliches Institut der Universität Bern 3 Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät / Wirtschaftswissenschaftliche Fakultät, Universität Hannover : Hannover economic papers (HEP) 3 Eastern economic journal 3 Economic modelling 3
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Source
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ECONIS (ZBW) 689 RePEc 176 EconStor 29 BASE 6 USB Cologne (EcoSocSci) 5 USB Cologne (business full texts) 1
Showing 1 - 50 of 906
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Monetary policy normalization, central bank profits, and seigniorage
Polański, Zbigniew; Szadkowski, Mikołaj - 2022
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Money for the issuer : liability or equity?
Bossone, Biagio; Costa, Massimo - In: Economics / Journal articles : the open-access, … 15 (2021) 1, pp. 43-59
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,...
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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....
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The effects of a money-financed fiscal stimulus under fiscal stress
Jin, Hao - 2023
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Seigniorage and central banks' financial results in times of unconventional monetary policy
Polański, Zbigniew; Szadkowski, Mikołaj - 2020
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El costo de oportunidad del señoreaje en Argentina
Ávila, Jorge C. - 2022
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Getting the balance right : crypto, stablecoin and CBDC
Bolt, Wilko; Lubbersen, Vera; Wierts, Peter - 2022
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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...
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Shotgun Wedding : Fiscal and Monetary Policy
Bassetto, Marco; Sargent, Thomas J. - 2022
This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the...
Persistent link: https://ebtypo.dmz1.zbw/10013324140
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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...
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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...
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Un imbroglio monetario : la moneda del interior argentino en tiempos de heterogeneidad estructural, 1826-1883
Djenderedjian, Julio; Martirén, Juan Luis; Moyano, Daniel - In: Desarrollo económico : revista de ciencias sociales 61 (2021) 233, pp. 55-79
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Inthanon-LionRock to mBridge: building a multi CBDC platform for international payments
Bank für Internationalen Zahlungsausgleich; Hong Kong …; … - 2021
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Seigniorage and Political Instability
Cukierman, Alex; Edwards, Sebastian; Tabellini, Guido - 2021
The importance of seignorage relative to other sources of government revenue differs markedly across countries. The main theoretical implication of this paper is that countries with more unstable and polarized political systems rely more heavily on seignorage. This result is obtained within the...
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Seigniorage, Operating Rules and the High Inflation Trap
Bruno, Michael; Fischer, Stanley - 2021
A given amount of seigniorage revenue can be collected at either a high or a low rate of inflation. Thus there ray be two equilibria when a government finances its deficit by printing money--implying that an economy may be stuck in a high inflation equilibrium when, with the same fiscal policy,...
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Are Stationary Hyperinflation Paths Learnable?
Adam, Klaus; Evans, George W.; Honkapohja, Seppo - 2021
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...
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The Enlargement of the European Union and the Redistribution Of Seigniorage Wealth
Feist, Holger - 2021
In the course of the EU enlargement process, the participation of accession countries in the European Monetary Union might lead to a significant redistribution of seigniorage wealth if current regulations prevail. In general, accession countries will be winners from this redistribution, for...
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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...
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Seigniorage and Fixed Exchange Rates : An Optimal Inflation Tax Analysis
Fischer, Stanley - 2021
A country that decides to fix its exchange rate thereby gives up control over its own inflation rate and the determination of the revenue received from seigniorage. If the country goes further and uses a foreign money, it loses all seigniorage. This paper uses an optimal inflation tax approach...
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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://ebtypo.dmz1.zbw/10013316495
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Seigniorage in Europe
Grilli, Vittorio - 2021
In this paper, based on the experience of ten European countries, we study the relevance of seigniorage revenues in the recent past, and we speculate about their importance in the near future. We find that the members of the European community differ widely in the way they manage monetary...
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The Optimal Collection of Seigniorage : Theory and Evidence
Mankiw, N. Gregory - 2021
This paper presents and tests a positive theory of monetary and fiscal policy. The government chooses the rates of taxation and inflation to minimize the present value of the social cost of raising revenue given exogenous expenditure and an intertemporal budget constraint. The theory implies...
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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...
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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...
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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...
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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://ebtypo.dmz1.zbw/10011833686
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Shotgun Wedding : Fiscal and Monetary Policy
Bassetto, Marco - 2020
This paper describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflation, (b) optimal unanticipated inflation, and (c) conditions that secure a "nominal anchor'' in the...
Persistent link: https://ebtypo.dmz1.zbw/10012481961
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Token-based platform finance
Cong, Lin William; Li, Ye; Wang, Neng - 2020
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The Riksbank's seigniorage and the e-krona
Gustafsson, Peter; Lagerwall, Björn - In: Sveriges Riksbank economic review (2020) 2, pp. 55-61
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Lessons learned from the world's first CBDC
Grym, Aleksi - 2020
Central banks worldwide are currently exploring so called Central Bank Digital Currencies (CBDC). The Avant smart card system created by the Bank of Finland in the 1990's can be considered the world's first CBDC and the only one so far that has gone into production. Avant cards were based on...
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Seigniorage and sovereign default : the response of emerging markets to COVID-19
Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; … - 2020
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Shotgun Wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - 2020
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Shotgun wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - In: Annual review of economics 12 (2020), pp. 659-690
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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...
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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...
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Shotgun wedding : fiscal and monetary policy
Bassetto, Marco; Sargent, Thomas J. - 2020
Persistent link: https://ebtypo.dmz1.zbw/10012222077
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Seigniorage and inflation tax in Romania : what is the executive giving up by adopting the Euro?
Bodea, Adrian; Sánchez-Santos, José Manuel - In: Scientific Annals of Economics and Business 67 (2020) 1, pp. 75-91
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Accounting in central banks
Bholat, David; Darbyshire, Robin - 2016
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Seigniorage payments and the Federal Reserve’s new operating regime
Cutsinger, Bryan P.; Luther, William J. - In: Economics letters 220 (2022), pp. 1-4
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The macroeconomics of central bank digital currencies
Barrdear, John; Kumhof, Michael - In: Journal of economic dynamics & control 142 (2022), pp. 1-24
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Myopic fiscal objectives and long-run monetary efficiency
Gaballo, Gaetano; Mengus, Eric - 2022
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INFLATION AS A DISGUISED MECHANISM FOR REAL WEALTH DISTRIBUTION
Chikobava, Malkhaz - 2019
The article analyzes the public spending of inflation and the reasons for its permanence. It is noted that inflation negatively affects the finances, monetary and the entire economic system. It reduces the purchasing ability of money, undermines the possibilities of economy regulation,...
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From Commodity to Fiat and Now to Crypto : What Does History Tell Us?
Eichengreen, Barry - 2019
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and...
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Seigniorage in the Civil War South
Cutsinger, Bryan - 2019
During the U.S. Civil War, the Confederate Congress adopted three currency reforms that were intended to reduce the quantity of Treasury notes in circulation by inducing the money-holding public to exchange their notes for long-term bonds. In this paper, we examine the political factors that...
Persistent link: https://ebtypo.dmz1.zbw/10012899779
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From Commodity to Fiat and Now to Crypto : What Does History Tell Us?
Eichengreen, Barry - 2019
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and...
Persistent link: https://ebtypo.dmz1.zbw/10012895472
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Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2019
Unlike most hyperinflations, during Zimbabwe's recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the...
Persistent link: https://ebtypo.dmz1.zbw/10012893482
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We provide sufficient conditions under which a swap of monies leaves the equilibrium allocation and price system unchanged. We apply the equivalence result to the "Chicago Plan",...
Persistent link: https://ebtypo.dmz1.zbw/10012023699
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We provide sufficient conditions under which a swap of monies leaves the equilibrium allocation and price system unchanged. We apply the equivalence result to the "Chicago Plan,"...
Persistent link: https://ebtypo.dmz1.zbw/10012018903
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Money-financed fiscal stimulus : the effects of implementation lag
Tsuruga, Takayuki; Wake, Shota - 2019
Persistent link: https://ebtypo.dmz1.zbw/10012223721
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On the risk of leaving the Euro
Macera, Manuel; Marcet, Albert; Nicolini, Juan Pablo - 2019
Following the sovereign debt crisis of 2012, some southern European countries have debated proposals to leave the Euro. We evaluate this policy change in a standard monetary model with seigniorage financing of the deficit. The main novel feature is that we depart from rational expectations while...
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