Reserve Requirements and the Inflation Tax
在一般均衡框架下，通过交易技术模型分析货币和银行准备金上的通货膨胀税，探讨名义利率和准备金比率如何影响政府收入最大化，并研究在给定收入下如何最小化福利成本。
The inflation tax on currency and required bank reserves is modeled in a general equilibrium setting by specifying a transactions technology in which currency and demand deposits allow agents to economize on time spent transacting in the goods market. Revenue-maximizing conditions for the nominal interest rate and reserve ratio are analyzed. For any given revenue requirement less than the revenue-maximizing level, minimization of the welfare costs of inflationary finance results in the choice of a combination of the interest rate and reserve ratio that lies on a set of tangency points formed by iso-revenue and iso-welfare curves. Copyright 1989 by Ohio State University Press.