G2TT
来源类型Discussion paper
规范类型论文
来源IDDP519
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
URLhttps://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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