| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP519 |
| DP519 Dynamic Seigniorage Theory: An Exploration | |
| Maurice Obstfeld | |
| 发表日期 | 1991-03-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper develops a dynamic model of seigniorage in which economies' equilibrium paths reflect the ongoing strategic interaction between an optimizing government and a rational public. The model extends existing positive models of monetary policy and inflation by explicitly incorporating the intertemporal linkages among budget deficits, debt and inflation. A central finding is that the public's rational responses to government policies may well create incentives for the government to reduce inflation and the public debt over time. A sufficiently myopic government may, however, provoke a rising equilibrium path of inflation and public debt. |
| 主题 | International Macroeconomics |
| 关键词 | Dynamic games Markov perfect equilibrium Seigniorage Time consistency |
| URL | https://cepr.org/publications/dp519 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529677 |
| 推荐引用方式 GB/T 7714 | Maurice Obstfeld. DP519 Dynamic Seigniorage Theory: An Exploration. 1991. |
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