| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP1543 |
| DP1543 On the Sources of Convergence: A Close Look at the Spanish Regions | |
| Angel de la Fuente | |
| 发表日期 | 1996-12-20 |
| 出版年 | 1996 |
| 语种 | 英语 |
| 摘要 | Using a variant of the Cagan model with rational expectations, this paper shows that expected stabilization can result in a budget deficit in excess of the maximum inflation tax. A cap on the deficit dampens inflation expectations and raises real balances, thus increasing the yield of the inflation tax for any given rate of inflation. This study extends the work of Drazen and Helpman (1990) by including a stochastic budgetary process and using option pricing theory. It uses parameter values of the semi-elasticity of demand for money to provide estimates of the maximum viable real deficit. |
| 主题 | International Macroeconomics |
| 关键词 | Fiscal stabilization Hyperinflation Seigniorage Stochastic deficits |
| URL | https://cepr.org/publications/dp1543 |
| 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/530679 |
| 推荐引用方式 GB/T 7714 | Angel de la Fuente. DP1543 On the Sources of Convergence: A Close Look at the Spanish Regions. 1996. |
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