Testing Optimal Seigniorage Theory in Taiwan, 1965-2012
نویسندگان
چکیده
منابع مشابه
A new theory of seigniorage and optimal inflation
Central banks like the Bank of England or the Bundesbank have highlighted recently that the supply of currency is achieved not by means of printing and spending but by means of credit. This clarification raises further issues. This article addresses the issue of seigniorage and optimal inflation. So far approaches to seigniorage and optimal inflation are still based on the assumption of a curre...
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In Pericchi and Pereira (2012)it is argued against the traditional way on which testing is based on fixed significance level, either using p-values (with fixed levels of evidence, like the 5% rule) or α values. We instead, follow an approach put forward by DeGroot (1975), on which an optimal test is chosen by minimizing type I and type II errors. Morris DeGroot in his authoritative book (1975),...
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What is the seigniorage-maximizing level of inflation? Four models formulae for the seigniorage maximizing inflation rate (SMIR) are compared. Two sticky-price models arrive at very different quantitative recommendations although both predict somewhat lower SMIRs than Cagan’s formula and a variant of a .ex-price model due to Kimbrough (2006). The models differ markedly in how inflation distorts...
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In this chapter, I will explore two competing approaches to analysis of national currency emission. I will call one the seigniorage view, to be contrasted with what I will call the sovereignty view. Before proceeding, let me say that I am not interested in presenting either a historical analysis, nor will I pursue the etymology of these terms. I will first briefly define the terms as I will be ...
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ژورنال
عنوان ژورنال: International Journal of Trade, Economics and Finance
سال: 2014
ISSN: 2010-023X
DOI: 10.7763/ijtef.2014.v5.381