通货膨胀福利成本和铸币税:分析框架与估计

Welfare Cost of Inflation and Seigniorage: An Analytical Framework and Estimation

本文基于一般均衡的理论框架,分析通货膨胀的福利成本和铸币税问题。我们发现:样本期间,我国的铸币税实证结果并没有出现拉弗曲线的情况;铸币税和通货膨胀福利成本最高的年份都是1994年,铸币税为0.0185,通货膨胀福利成本为0.0141;铸币税和通货膨胀福利成本最低的年份是1999年,铸币税为0.0123,通货膨胀福利成本为-0.0012;在我国通货膨胀率较高时,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。

This paper analyzes the welfare costs of inflation and seigniorage based on a general equilibrium theoretical frame- work. We find that, During the sample period, the empirical results of the seigniorage don＇t follow Laffer Curve; the year with highest seigniorage and welfare cost of inflation is 1994, the Seigniorage is 0.0185, the welfare cost of inflation is 0.0141; the year with lowest seigniorage and welfare cost of inflation is 1999 , the Seigniorage is 0.0123, the welfare cost of inflation is -0.0012. When inflation rate was high, the government controued the inflation rate ,making a Pareto improvement in China..