최신자료
Fiscal Seigniorage and Price Level Determination in a Currency Union
I study price level determination in a currency union when some member countries‘ government securities earn a convenience yield. These ＂convenience assets＂ generate fiscal seigniorage revenues that, given appropriate fiscal and monetary policies, back the union‘s price level, much like primary surpluses and monetary seigniorage do. An exogenous drop in the private-sector demand for convenience assets reduces seigniorage revenues and raises the price level. It also results in a wealth transfer across countries owing to the heterogeneity in convenience yields.
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