| 词汇 | seigniorage |
| 释义 | seigniorage noun[ U ] ECONOMICS, MONEY (alsoseignorage)uk /ˈsiːnjərɪdʒ/us the profit that a government makes from printing its own money: seigniorage gains/income/revenue Examples of seigniorageseigniorage This is in considerable contrast with a common image in other regions that authorities gained profits from seigniorage. A larger or more patient government considers at a greater extent the aggregate externality of issuing money, and hence must offset the seigniorage benefits. Therefore, for a given price, the impatient government maximizes seigniorage by issuing money as rapidly as possible. Any seigniorage revenues s are assumed to be redistributed to young consumers in the form of a lump-sum transfer. For instance, a larger government coalition internalizes at a greater extent the aggregate externality of issuing money, and hence enjoys less seigniorage. In equation (13), an increase in causes a decrease in the seigniorage benefits. A currency board would be the next desirable choice because seigniorage is retained, but national control of monetary policy is effectively surrendered. To achieve credibility, the government must offset the benefits of seigniorage by internalizing some of the aggregate externalities generated by the issue of fiat money. Further, the less patient government extracts more resources via seigniorage, and therefore yields the more inflationary transition to fiat money regime. More precisely, such a seigniorage transfer promotes irreversible but productive investment, so that it may mitigate the welfare cost of holding money due to inflation. Agents pay a seigniorage tax on foreign currency of 4% in our experiments. 28. This drives down the equilibrium money stock to the level where the liquidity effect net of the price effect is matched by the seigniorage effect. This paper develops a dynamic model of seigniorage in which economies' equilibrium paths reflect the ongoing strategic interaction between an optimizing government and a rational public. Further, the equilibrium level of money stock is lower than the one in the fixedprice case, which maximizes frequency of trade (or liquidity effect) and seigniorage. What is true is that government assets always equal the present value of future public spending, and so, there is never a need to supplement the budget with seigniorage revenue. See all examples of seigniorage These examples are from corpora and from sources on the web. Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. |
| 随便看 |
|
反思网英语在线翻译词典收录了377474条英语词汇在线翻译词条，基本涵盖了全部常用英语词汇的中英文双语翻译及用法，是英语学习的有利工具。