Creator: Smith, Bruce D., d. 2002. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 237 Abstract:
A model is presented in which governments can select real expenditure levels which are feasible, hut are sufficiently high that a balanced budget is impossible. Thus governments with large expenditures are committed to inflationary finance schemes. This is the case even though the governments in question have access to lump-sum taxes. In addition, the model can explain why poorer countries tend to make heavier use of the inflation tax than do wealthier countries, and can account for the existence of country-specific fiat monies.
关键词: Real expenditures, Government expenditure, Inflationary finance, Deficit, and Inflation tax 学科: H50 - National government expenditures and related policies - General, H62 - National budget, deficit, and debt - Deficit ; Surplus, and E31 - Prices, business fluctuations, and cycles - Price level ; Inflation ; Deflation
Creator: Miller, Preston J. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 220 描述:
WP 220 was presented at The Economic Consequences of Government Deficits : an Economic Policy Conference, cosponsored by the Center for the Study of American Business and the Institute of Banking and Financial Markets at Washington University, St. Louis, Missouri, October 29-30, 1982.
关键词: Tax policy, Federal debt, Deficit, Inflation, and Budget policy 学科: H63 - National budget, deficit, and debt - Debt ; Debt management, E42 - Money and interest rates - Monetary systems ; Standards ; Regimes ; Government and the monetary system ; Payment systems, E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy, and H62 - National budget, deficit, and debt - Deficit ; Surplus
Creator: Wallace, Neil. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 251 Abstract:
Different conclusions about the effects of open market operations are reached even among economists using full employment and rational expectations models. I show that these can be attributed to different assumptions regarding (i) the concept of the deficit that is held fixed in the face of an open market operation, (ii) diversity among agents, and (iii) the features generating money demand. With regard to (iii), I argue that plausible ways of explaining the holding of low-return money preclude the kind of perfect credit markets needed to obtain Ricardian equivalence.
This paper was presented for the International Seminar in Public Economics, held in February 1984 at the University of California at Santa Cruz.
关键词: Open market purchases, Deficit, Ricardian equivalency, and Money demand 学科: E41 - Money and interest rates - Demand for money and E52 - Monetary policy, central banking, and the supply of money and credit - Monetary policy