Government Finance in a Model of Currency Substitution

Government Finance in a Model of Currency Substitution
Our model is a variant of the cash-in-advance model. Goods must be purchased in the seller's currency, but currency may be traded before shopping at a cost. This cost is a measure of substitutability. The model is applied to seignorage taxation. We show that optimal money growth is positive and increasing in substitutability if and only if... READ MORE...

Publication date: October 1993
ISBN 9781451955477
$15.00

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