论文部分内容阅读
本文基于一般均衡的理论框架,分析通货膨胀福利成本和铸币税问题。并基于中国的数据,应用GMM计量方法估计模型参数,对我国通货膨胀福利成本和铸币税进行了估算。我们发现:样本期间(1978-2013年),我国铸币税值在0.0125至0.0238之间,通货膨胀福利成本值在-0.0021至0.0243之间;在低通货膨胀率下,我国铸币税收益相对较高;如果通货膨胀率较高,我国政府控制通货膨胀率,使通货膨胀率降低,总体来讲是一种帕累托的改进;年度通货膨胀率不高于0.2459时,通货膨胀净收益为正值,从此角度看,在样本期间,我国通货膨胀率总体保持在较适宜的水平。
Based on the general equilibrium theoretical framework, this paper analyzes the inflation welfare costs and seigniorage issues. And based on the data of China, GMM measurement method is used to estimate the model parameters. The cost of inflation and welfare and seigniorage in China are estimated. We find that during the sample period (1978-2013), the seigniorage tax in China is between 0.0125 and 0.0238, and the inflation and welfare cost is between -0.0021 and 0.0243. Under low inflation, the revenue of seigniorage in China is relatively high ; If the inflation rate is high, our government controls the inflation rate, so that the inflation rate is reduced, generally speaking, a Pareto improvement; when the annual inflation rate is not higher than 0.2459, the net inflationary return is positive From this point of view, during the sample period, China’s inflation rate remained generally at a more appropriate level.