Heterogeneity, monetary policy, Mirrleesian taxes, and the Friedman rule

Gahvari, Firouz; Micheletto, Luca

doi:10.1007/s00199-018-1108-x

Econ Theory

2018

DOI: 10.1007/s00199-018-1108-x

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Heterogeneity, monetary policy, Mirrleesian taxes, and the Friedman rule

Firouz Gahvari

Luca Micheletto

Abstract: We would like to thank three anonymous referees for their many constructive and helpful comments.

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Cited by 3 publications

References 48 publications

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Government financing, inflation, and the financial sector

Adão

Silva

2020

Econ Theory

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We calculate the effects of an increase in government spending financed with labor income taxes or inflation. We consider government spending in the form of government consumption or transfers. We use a model in which agents increase the use of financial services to avoid losses from inflation, as empirically the financial sector increases with inflation. The financial sector size is constant in standard cash-in-advance models, which implies optimal positive inflation. We reverse this result when we take into account the increase in the financial sector. In our framework, it is optimal to use taxes to finance the government. This result is robust to alternative specifications and definitions of seigniorage and government spending.

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Government financing, inflation, and the financial sector

Adão

Silva

2020

Econ Theory

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Populism, Political Pressure and Central Bank (in)Dependence

Masciandaro

Passarelli

2019

Open Econ Rev

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Does monetary policy favor the skilled? − Distributional role of monetary policy

Hazra

2022

The Quarterly Review of Economics and Finance

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Heterogeneity, monetary policy, Mirrleesian taxes, and the Friedman rule

Abstract: We would like to thank three anonymous referees for their many constructive and helpful comments.

Cited by 3 publications

References 48 publications

Government financing, inflation, and the financial sector

Government financing, inflation, and the financial sector

Populism, Political Pressure and Central Bank (in)Dependence

Does monetary policy favor the skilled? − Distributional role of monetary policy

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