Seigniorage Revenue or Consumer Revenue? Theoretical and Empirical Evidences

Tatsuyoshi Miyakoshi ()
Additional contact information
Tatsuyoshi Miyakoshi: Osaka School of International Public Policy, Osaka University

No 08-11, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: The purpose of this paper is to propose a seigniorage model including the contributions of Bailey (1956) and Marty (1976), using a different framework to Mankiw (1987), to test whether their results are supported, and use a numerical example to estimate the seigniorage model. The government decides the money growth rate to maximize the social welfare function for each of seigniorage revenue aversion, loving and neutrality. The numerical example using Japanese data shows that the social welfare function supports seigniorage revenue aversion, supporting the results of Bailey and Marty, and that the degree of seigniorage revenue aversion is stronger in the 2000s than in the 1990s.

Keywords: Bailey and Marty; Social welfare function; Mankiw model; Numerical example (search for similar items in EconPapers)
JEL-codes: C40 C50 E40 E50 (search for similar items in EconPapers)
Pages: 23 pages
Date: 2008-03
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www2.econ.osaka-u.ac.jp/library/global/dp/0811.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:osk:wpaper:0811

Access Statistics for this paper

More papers in Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics Contact information at EDIRC.
Bibliographic data for series maintained by The Economic Society of Osaka University ().