| 黄险峰,包艳龙,张勇.存款准备金率、铸币税和通货膨胀福利成本[J].数量经济技术经济研究,2013,30(6):36-50 |
| 存款准备金率、铸币税和通货膨胀福利成本 |
| Reserve requirement Ratio, Seigniorage and the Welfare Cost of Inflation |
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| DOI： |
| 中文关键词: 存款准备金率 铸币税 通货膨胀福利成本 |
| 英文关键词: Reserve requirement Ratio Seigniorage Welfare Cost of Inflation |
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| 中文摘要: |
| 本文在一个简化的Eckstein and Leiderman（1992）模型中加入银行部门，讨论铸币税和通货膨胀福利成本的性质；并基于中国的数据，应用GMM计量方法估计模型参数，进而考察存款准备金率和货币供给这两种货币政策对铸币税和通货膨胀福利成本的影响。我们发现，政府要得到高的铸币税收入，单纯依靠发行货币制造通货膨胀是难以实现的，还需要存款准备金率这一货币政策的配合，并可以通过存款准备金率来对铸币税与通货膨胀福利成本进行权衡；我国处于铸币税与通货膨胀福利成本权衡曲线的平坦部分，所以通过提高存款准备金率而增加的铸币税收入会非常有限；在通货膨胀率比较低的国家，通过提高存款准备金率来抑制通货膨胀，对居民福利的增加要大于铸币税收益的损失。 |
| 英文摘要: |
| Introducing the banking sector into a simplified theoretical framework of Eckstein and Leiderman (1992), we discussed properties related to seigniorage and the welfare cost of inflation. Based on China’s data, we estimated the model parameters using GMM method, and evaluated the impacts of the two monetary policy tools (i.e. reserve requirement and money supply) on seigniorage and the welfare cost of inflation. We found that, it is difficult for the governments to realize high seigniorage revenue only by print more money and hence high inflation, they have to jointly using the policy tool of reserve requirement ratio. It is possible to tradeoff between seigniorage and the welfare cost of inflation with the reserve requirement; since China is at the flat part of the tradeoff curve of seigniorage and the welfare cost of inflation, the increase in seigniorage revenue would be quite limited by raising the reserve requirement ratio; in countries with moderate inflation, the practice of increasing reserve requirement ratio to control the inflation would increase the citizens' welfare more than offset the loss of seigniorage revenue to the government. |
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