Optimal Seigniorage, the Gold Standard, and Central Bank Financing
扩展了最优铸币税理论，引入货币生产成本，发现高生产成本和央行自负盈亏会切断产出税率与货币税率之间的联系。基于美国数据，作者发现两者仅在政府同时控制两种税率且央行收入与财政部转移紧密对应时同向变动。
This paper extends the theory of optimal seigniorage to allow for money production costs. An important implication is tha t high money production costs, along with a requirement that the monet ary branch of government self-finance its operation, severs the connecti on between the tax rate on output and the tax rate on money. Using U.S. data, the authors find that tax rates on output and money move together only during periods when the government controls both tax rates and there is a close correspondence between revenue produced b y the monetary authority and revenue transferred to the treasury. Copyright 1993 by Ohio State University Press.