; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Government Expenditures, Deficits, and Inflation: On the Impossibility of a Balanced Budget"; ; "batchuser@example.com"; "Smith, Bruce D. (Bruce David), 1954-2002"; "Federal Reserve Bank of Minneapolis"; "Government expenditure", "Inflation tax", "Deficit", "Real expenditures", "Inflationary finance"; "H50 - National Government Expenditures and Related Policies: General", "H62 - National Deficit; Surplus", "E31 - Price Level; Inflation; Deflation"; "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."^^; "1984-03"; "2018-03-13T20:12:37.923840228+00:00"^^; "https://doi.org/10.21034/wp.237"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "2020-05-08T20:26:53.730725912+00:00"^^; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "735"; "Working paper (Federal Reserve Bank of Minneapolis. Research Department)"; "237"; "Inflationary finance", "Inflation tax", "Deficit", "Real expenditures", "Government expenditure"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in _The Quarterly Journal of Economics_ (vol. 100, iss. 3, August 1985, pp. 715-745), https://doi.org/10.2307/1884376."^^; ; "Publication" . ; .