Government Expenditure Financing in an Endogenous Growth Model: A Comparison
构建了一个广义的现金先行内生增长模型，比较了用货币融资（铸币税）和所得税融资来支付固定比例的政府支出对增长和福利的影响，发现货币融资带来更高增长和通胀，最优政策是两种方法的混合。
This paper develops a generalized cash-in-advance model of endogenous growth to assess the relative merits of money and income-tax financing of a constant share of government expenditure in GNP. The authors find that money financing (seigniorage) leads to higher growth and inflation rates, pointing out to a trade-off between growth and inflation. Nevertheless, they also find that the financing policy that maximizes welfare is, in general, a mix of the two methods, with the weights depending crucially on the fraction of investment purchases that are subject to the cash-in-advance constraint. Copyright 1995 by Ohio State University Press.