Optimal Inflation Tax under Precommitment: Theory and Evidence
从政府和私人部门跨期优化的第一原理出发，推导出通胀税的动态模型，并用阿根廷、巴西和以色列的季度数据检验其正交条件，发现多数情况下模型未被拒绝，但部分时期实际通胀率高于承诺下的最优水平。
The authors develop and test the orthogonality conditions implied by a dynamic model of the inflation tax. A distinguishing feature of the analysis is that the welfare loss from inflation, the money-demand function, and the time path of inflation are jointly derived from first principles of government and private-sector intertemporal optimization. Quarterly data for Argentina, Brazil, and Israel are used in implementing the model. Although the overidentifying restrictions of the model are not rejected in most cases, there are several data points characterized by higher rates of inflation than the optimal rates under precommitment. Copyright 1992 by American Economic Association.