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THE TIMING OF TAX COLLECTIONS AND THE STRUCTURE OF 'IRRELEVANCE' THEOREMS IN A CASH-IN-ADVANCE MODEL
Autor:
Thomas J. Sargent, Bruce D. Smith
Publikováno v:
Macroeconomic Dynamics. 14:585-603
A standard timing protocol in a cash-in-advance model allows the government to elude the inflation tax. That matters. Altering the timing of tax collections to make the government hold cash overnight disables some classical propositions but enables o
Autor:
Pere Gomis-Porqueras, Bruce D. Smith
Publikováno v:
Macroeconomic Dynamics. 7
Seasonal fluctuations are as large as cyclical fluctuations. Monetary policy in the United States has dealt with seasonality by smoothing nominal rates of interest. The original motivation for this was that seasonality in nominal interest rates put r
Publikováno v:
Macroeconomic Dynamics; Apr2006, Vol. 10 Issue 2, p165-182, 18p