Some Principles of Inflationary Finance
THE AUTHOR ARGUES HERE THAT EXCHANGE CONTROLS, INTEREST-RATE RESTRICTIONS, AND DEBT MANAGEMENT POLICIES ALL AFFECT THE DEMAND FOR MONEY AND THE POSSIBILITIES FOR INFLATIONARY FINANCE. SINCE A WELL-ESTABLISHED MODEL OF INFLATIONARY FINANCE EXISTS IN THE LITERATURE CITED, DISCUSSION IS CONFINED TO AN...
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| Veröffentlicht in: | The Journal of political economy 1974-03, Vol.82 (2), p.423-430 |
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| container_end_page | 430 |
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| container_issue | 2 |
| container_start_page | 423 |
| container_title | The Journal of political economy |
| container_volume | 82 |
| creator | Nichols, Donald A. |
| description | THE AUTHOR ARGUES HERE THAT EXCHANGE CONTROLS, INTEREST-RATE RESTRICTIONS, AND DEBT MANAGEMENT POLICIES ALL AFFECT THE DEMAND FOR MONEY AND THE POSSIBILITIES FOR INFLATIONARY FINANCE. SINCE A WELL-ESTABLISHED MODEL OF INFLATIONARY FINANCE EXISTS IN THE LITERATURE CITED, DISCUSSION IS CONFINED TO AN ANALYSIS OF THE LINKS BETWEEN THE POLICIES IN QUESTION AND THE DEMAND FOR MONEY, AND POINTS OUT THAT BOTH AN INCREASE IN THE DEMAND FOR MONEY AND A REDUCTION IN ITS ELASTICITY WITH RESPECT TO THE NOMINAL INTEREST-RATE WILL INCREASE INFLATIONARY TAX POSSIBILITIES IN THE TRADITIONAL MODEL. THE AUTHOR CONSIDERS ONLY BALANCED GROWTH SITUATIONS. IN MANY INSTANCES, HOWEVER, THE ADJUSTMENT FROM ONE STEADY STATE TO ANOTHER PROVIDES AN OPPORTUNITY FOR ONE-SHOT FINANCING THAT MAY BE OF SUBSTANTIAL SIZE. |
| doi_str_mv | 10.1086/260201 |
| format | Article |
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SINCE A WELL-ESTABLISHED MODEL OF INFLATIONARY FINANCE EXISTS IN THE LITERATURE CITED, DISCUSSION IS CONFINED TO AN ANALYSIS OF THE LINKS BETWEEN THE POLICIES IN QUESTION AND THE DEMAND FOR MONEY, AND POINTS OUT THAT BOTH AN INCREASE IN THE DEMAND FOR MONEY AND A REDUCTION IN ITS ELASTICITY WITH RESPECT TO THE NOMINAL INTEREST-RATE WILL INCREASE INFLATIONARY TAX POSSIBILITIES IN THE TRADITIONAL MODEL. THE AUTHOR CONSIDERS ONLY BALANCED GROWTH SITUATIONS. 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SINCE A WELL-ESTABLISHED MODEL OF INFLATIONARY FINANCE EXISTS IN THE LITERATURE CITED, DISCUSSION IS CONFINED TO AN ANALYSIS OF THE LINKS BETWEEN THE POLICIES IN QUESTION AND THE DEMAND FOR MONEY, AND POINTS OUT THAT BOTH AN INCREASE IN THE DEMAND FOR MONEY AND A REDUCTION IN ITS ELASTICITY WITH RESPECT TO THE NOMINAL INTEREST-RATE WILL INCREASE INFLATIONARY TAX POSSIBILITIES IN THE TRADITIONAL MODEL. THE AUTHOR CONSIDERS ONLY BALANCED GROWTH SITUATIONS. IN MANY INSTANCES, HOWEVER, THE ADJUSTMENT FROM ONE STEADY STATE TO ANOTHER PROVIDES AN OPPORTUNITY FOR ONE-SHOT FINANCING THAT MAY BE OF SUBSTANTIAL SIZE.</abstract><cop>Chicago</cop><pub>The University of Chicago Press</pub><doi>10.1086/260201</doi><tpages>8</tpages></addata></record> |
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| ispartof | The Journal of political economy, 1974-03, Vol.82 (2), p.423-430 |
| issn | 0022-3808 1537-534X |
| language | eng |
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| source | Jstor Complete Legacy; Periodicals Index Online; EBSCOhost Business Source Complete |
| subjects | Communications Currency Debt Debt management Economic growth rate Economic theory Finance Inflation Inflation rates Interest rates Investment return rates Money demand Political economy Steady state economies Taxes |
| title | Some Principles of Inflationary Finance |
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