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"In this paper I describe a "monetary" system in which backing is provided for the government's liabilities by way of contingent resort to taxes. The system has some of the features of a commodity money system with a large seignorage spread between bid and ask prices. It is studied within the context of a one-good, pure exchange model of two-period-lived overlapping generations in which, aside from various uniform boundedness assumptions, considerable diversity is allowed both within and across generations. Two results are established: (i) the existence of at least one perfect foresight competitive equilibrium, and (ii) the Pareto optimality of any such equilibrium"--Federal Reserve Bank of Minneapolis web site.
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Subjects
Public Debts, Mathematical models, TaxationShowing 1 featured edition. View all 1 editions?
Edition | Availability |
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1
A hybrid fiat-commodity monetary system
1980, Federal Reserve Bank of Minneapolis
electronic resource /
in English
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Book Details
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Title from PDF file as viewed on 10/16/2007.
Includes bibliographical references.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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- Created December 19, 2020
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