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

基于一般均衡的理论框架,分析了存款准备金率和货币供给这两种货币政策工具对铸币税和通货膨胀福利成本的影响。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。目前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,通过提高存款准备金率而增加铸币税收入会非常有限。

This paper analyzes the impacts of the two monetary policy tools on seigniorage and the welfare cost of inflation based on a general equilibrium theoreti- cal framework. We find that it is difficult for the government to realize high sei- gniorage 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 require- ment. Since China is at the flat part of the tradeoff curve of seigniorage and the wel- fare cost of inflation, the increase in seigniorage revenue will be quite limited by raising the reserve requirement ratio.