English, Article edition: The Inflation Tax in an Open Economy with Imperfect Competition David Arseneau

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Physical Description
  • article
Language
  • English

Edition details

Title
  • The Inflation Tax in an Open Economy with Imperfect Competition
Author
  • David Arseneau
Physical Description
  • article
Notes
  • This paper studies the national welfare maximizing inflation tax in an open economy with imperfect competition. It shows that the presence of a monopolistic distortion dampens the incentive to engage in strategic use of the inflation tax. If this dampening effect is strong enough, monetary policy becomes completely inward-looking, restoring the Friedman rule as an equilibrium strategy regardless of the actions of the foreign government. This aspect of the policy interaction -- driven entirely by the presence of imperfect competition -- is important because it determines the underlying structure of the policy game and is therefore crucial for determining whether or not there exist welfare gains from international monetary cooperation. (Copyright: Elsevier)
  • Optimal monetary policy; Imperfect competition; Friedman rule; International monetary policy coordination
  • RePEc:red:issued:05-75
Language
  • English
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