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Optimal Taxation by the Monetary Authority

Author: Carl E Walsh; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 1984.
Series: Working paper series (National Bureau of Economic Research), no. w1375.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when  Read more...
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Additional Physical Format: Print version:
Walsh, Carl E.
Optimal taxation by the monetary authority.
Cambridge, Mass. (1050 Massachusetts Avenue, Cambridge 02138) : National Bureau of Economic Research, 1984
(OCoLC)11986976
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Carl E Walsh; National Bureau of Economic Research.
OCLC Number: 756573294
Description: 1 online resource.
Series Title: Working paper series (National Bureau of Economic Research), no. w1375.
Responsibility: Carl E. Walsh.

Abstract:

Reserve requirements imposed against bank deposits, nominal interest payments on bank reserves (or on base money), and inflation can all be viewed as generating tax effects. Any analysis of optimal monetary policy in a steady-state equilibrium needs to consider the simultaneous choice of all the tax instruments controlled by the monetary authority. Such an analysis is carried out in this paper. It is shown that when the tax system is not indexed, the optimal nominal interest rate on the monetary authority's liabilities is likely to be zero. More importantly, any discussion of the payment of interest on reserves and currency must take into account the nature of the tax system and the rate of inflation in a nonindexed economy.

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