Government Expenditures, Deficits, and Inflation: On the Impossibility of a Balanced Budget
构建了一个模型，说明当政府选择足够高的实际支出水平时，平衡预算不可能实现，因此高支出政府必然依赖通胀融资，即使能征收一次性总付税也如此。模型还解释了为何穷国比富国更依赖通胀税，以及国家特定法定货币的存在。
A model is presented in which governments can select real expenditure levels that are feasible, but are sufficiently high that a balanced budget is impossible. Thus, governments with large expenditures are committed to inflationary finance schemes. This is the case, even though the governments in question have access to lump-sum taxes. In addition, the model can explain why poorer countries tend to make heavier use of the inflation tax than do wealthier countries, and can account for the existence of country-specific fiat monies. The government that does not have access to the printing press can, nonetheless, use emergency taxes or compulsory loans for emergency financing. S.Fischer [1982, p. 297]