Revenue-maximizing monetary policy

Joseph Haslag and Eric Young

No 9801, Working Papers from Federal Reserve Bank of Dallas

Abstract: In this paper, we examine the impact that changes in the rate of money creation and reserve requirements have on real seigniorage revenue. We consider two additional features that differ from previous analyses. First, the model economies grow endogenously, and that growth depends on the accumulation of intermediated capital. Second, agents have two means of financing; one is bank deposits against which reserves must be held and the other is a nonbank intermediary. Thus, growth-rate effects and financing-substitution effects are both present, and one can assess the quantitiative importance or each factor.

Keywords: Monetary policy; Revenue (search for similar items in EconPapers)
Date: 1998
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Journal Article: Money Creation, Reserve Requirements, and Seigniorage (1998)
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