English, Article edition: SEIGNIORAGE IN CONTINUOUS TIME Tomáš Hanzák; Petr MACH; 130 67 Prague 3 (e-mail: mach@iol.cz); ...

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Bookmark: http://trove.nla.gov.au/version/197785
Physical Description
  • article
Language
  • English

Edition details

Title
  • SEIGNIORAGE IN CONTINUOUS TIME
Author
  • Tomáš Hanzák
  • Petr MACH
  • 130 67 Prague 3 (e-mail: mach@iol.cz)
  • Tomá¹ Hanzák
  • 121 16 Prague 2 (e-mail: tomas.hanzak@post.cz).
Physical Description
  • article
Notes
  • seigniorage, money issue, inflation tax
  • RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:473:p:513-518
  • The government is able to acquire real goods through printing money. Because government does not create wealth through printing money, this revenue, the seigniorage, is at the expense of the public, as the purchasing power of monetary units decreases because of the issue of new money. The authors use the model of auctions to which the public comes with their money and the government with the newly issued money. The value of goods acquired by the government in such an auction equals the newly printed money divided by the sum of the newly printed money and the money spent by the public. Upon this auction model, the authors develop the formula for seigniorage in continuous time. The seigniorage calculated in this way is lower than the seigniorage calculated upon the assumption of discrete changes in economic variables.
  • seigniorage, inflation tax, money issue
Language
  • English
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