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Monetary rules and the spillover of regional fiscal policies in a federation.
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2009
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10005034724
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Regional Debt in Monetary Unions: Is it Inflationary?
Cooper, R.; Kempf, H.; Peled, D. - Banque de France - 2007
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...
Persistent link: https://www.econbiz.de/10004998812
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Regional debt in monetary unions : is it inflationary ?.
Cooper, Russell; Kempf, Hubert; Peled, Dan - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with non inflationary consequences ?. Or will the circulation of region debt induce monetization by a central bank ?. We argue here that both...
Persistent link: https://www.econbiz.de/10005510597
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Regional Debt in Monetary Unions : Is it Inflationary?
Cooper, Russell; Kempf, Hubert; Peled, Dan - 2010
This paper studies the inflationary implications of interest bearing regional debt in a monetary union. Is this debt simply backed by future taxation with no inflationary consequences? Or will the circulation of region debt induce monetization by a central bank? We argue here that both outcomes...
Persistent link: https://www.econbiz.de/10014190466
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Insulation Impossible : Monetary Policy and Regional Fiscal Spillovers in a Federation
Cooper, Russell - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10013137047
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Insulation Impossible : Fiscal Spillovers in a Monetary Union
Cooper, Russell; Kempf, Hubert; Peled, Dan - HAL - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10010603663
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Insulation Impossible : Fiscal Spillovers in a Monetary Union.
Cooper, Russell; Kempf, Hubert; Peled, Dan - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2010
This paper studies the effects of monetary policy rules in a fiscal federation, such as the European Union. The focus of the analysis is the interaction between the fiscal policy of member countries (regions) and the monetary authority. Each of the countries structures its fiscal policy...
Persistent link: https://www.econbiz.de/10008520965
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Money Demand and Seignorage Maximization Before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2020
The delayed end to Zimbabwe's hyperinflation in 2009 gave rise to an official dollarization. Before then, the Reserve Bank of Zimbabwe (RBZ) operated on the correct side of the inflation tax Laffer curve. Estimated seignorage maximizing rates derive from Bayesian, time-varying parameter,...
Persistent link: https://www.econbiz.de/10012856378
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Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar
Miller, Stephen Matteo - 2019
Unlike most hyperinflations, during Zimbabwe's recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the...
Persistent link: https://www.econbiz.de/10012893482
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Seigniorage, (Hyper)Inflation and Money Demand in Venezuela in the XXI Century : A First Estimation Attempt
Saboin, Jose Luis - 2018
The present work estimates collected seigniorage levels in the Venezuelan economy from 1994Q1 to 2018Q2 and tries to … determine when and if a seigniorage-maximizing inflation rate occurred and this way provide a rational on the development of … hyperinflation in the country. Results suggest that the Venezuelan government acts as a seigniorage maximizer. The model predicts …
Persistent link: https://www.econbiz.de/10012906561