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- Title
Decentralized Policymaking in a Long-run Growth Model with Seigniorage and Taxes.
- Authors
Giwsh, Sugata; Mourmouras, Iannis A.
- Abstract
The paper introduces decentralized policymaking into a game- theoretic model with output growth through capital accumulation, and in which the determination of taxes, seigniorage and the long- run growth rate of the economy reflects the strategic interactions between the government, the central bank and the private sector. The paper investigates, among other things, the impact on the long- run growth rate of a higher degree of inflation aversion of the central bank and a higher degree of inefficiency in the tax system.
- Subjects
DECENTRALIZATION in government; DECENTRALIZATION in management; CAPITAL; POLICY sciences; SAVINGS; SEIGNIORAGE (Finance); PRICE inflation &; taxation; TAXATION; CENTRAL banking industry; ECONOMICS
- Publication
Bulletin of Economic Research, 1999, Vol 51, Issue 3, p223
- ISSN
0307-3378
- Publication type
Article
- DOI
10.1111/1467-8586.00080