Seigniorage‐Maximizing Inflation under Sticky Prices
比较三种模型计算最大化铸币税的通货膨胀率，发现粘性价格模型给出的比率低于卡甘公式和弹性价格模型，且近期美英通胀水平可能接近该比率。
What is the seigniorage‐maximizing level of inflation? Three models' formulae for the seigniorage‐maximizing inflation rate (SMIR) are compared. A sticky‐price model prescribes a somewhat lower SMIR to Cagan's formula and a variant of a flex‐price model due to Kimbrough (2006) . The models differ markedly in how inflation distorts the labor market: The sticky‐price (Calvo) model implies that inflation and output are negatively related and that output is falling in price stickiness. Interestingly, if our version of the Calvo model is to be believed, the level of inflation experienced recently in advanced economies such as the United States and the United Kingdom may be quite close to the SMIR.