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Creator: Bryant, John B. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) Number: 177 Descripción:
"Nominal labor contracts replicate net of tax real contracts contingent on aggregate risk in the model presented. Perhaps this is a model of money." (title page note)
Palabra clave: Wages, Income tax, Labor economics, and Inflation tax Tema: C68 - Computable General Equilibrium Models and J41 - Labor Contracts
Creator: Smith, Bruce D. (Bruce David), 1954-2002 Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) 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.
Palabra clave: Government expenditure, Inflationary finance, Real expenditures, Inflation tax, and Deficit Tema: H62 - National Deficit; Surplus, H50 - National Government Expenditures and Related Policies: General, and E31 - Price Level; Inflation; Deflation
Creator: Chari, V. V., Christiano, Lawrence J., and Kehoe, Patrick J. Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 158 Abstract:
We find conditions for the Friedman rule to be optimal in three standard models of money. These conditions are homotheticity and separability assumptions on preferences similar to those in the public finance literature on optimal uniform commodity taxation. We show that there is no connection between our results and the result in the standard public finance literature that intermediate goods should not be taxed.
Palabra clave: Optimal monetary policy, Ramsey policy, and Inflation tax Tema: E52 - Monetary Policy, E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy, and E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination