Ownership Of Capital In Monetary Economies And The Inflation Tax On Equity
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Ownership of Capital in Monetary Economies and the Inflation Tax on Equity
Author | : Mr.Ralph Chami,Mr.Thomas F. Cosimano,Connel Fullenkamp |
Publsiher | : International Monetary Fund |
Total Pages | : 45 |
Release | : 1999-12-01 |
Genre | : Business & Economics |
ISBN | : 9781451858167 |
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Financial instruments are subject to inflation taxes on the wealth they represent and on the nominal income flows they provide. This paper explicitly introduces financial instruments into the standard stochastic growth model with money and production and shows that the value of the firm in this case is equal to the firm’s capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in other papers by the addition of a significant wealth tax.
The Stock Market Channel of Monetary Policy
Author | : Mr.Ralph Chami,Mr.Thomas F. Cosimano,Connel Fullenkamp |
Publsiher | : International Monetary Fund |
Total Pages | : 26 |
Release | : 1999-02-01 |
Genre | : Business & Economics |
ISBN | : 9781451843958 |
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This paper argues that the stock market is an important channel of monetary policy. Monetary policy affects real economic activity because inflation levies a property tax on stocks in addition to an income tax on dividend payments. Inflation thus taxes stocks more heavily than it does bonds. Households alter their required rate of return as inflation changes, and firms adjust production in order to satisfy their shareholders’ demands. As the stock market channel grows in importance, the appropriate intermediate target for the central bank is the price level, with price stability being the ultimate goal.
Capital Taxation
Author | : Martin S. Feldstein |
Publsiher | : Harvard University Press |
Total Pages | : 506 |
Release | : 1983 |
Genre | : Business & Economics |
ISBN | : 0674094824 |
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Feldstein shows how systems of taxation influence the rate and nature of capital formation--key to the development of any economy. His identification of important economic and policy questions, adroit use of modeling and new data, and careful attention to dynamics make this book a powerful addition to the literature.
Inflation Tax Rules and Capital Formation
Author | : Martin Feldstein |
Publsiher | : University of Chicago Press |
Total Pages | : 312 |
Release | : 2009-05-15 |
Genre | : Business & Economics |
ISBN | : 9780226241791 |
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Inflation, Tax Rules, and Capital Formation brings together fourteen papers that show the importance of the interaction between tax rules and monetary policy. Based on theoretical and empirical research, these papers emphasize the importance of including explicit specifications of the tax system in such study.
International Evidence on the Effects of Having No Capital Gains Taxes
Author | : Fraser Institute (Vancouver, B.C.) |
Publsiher | : The Fraser Institute |
Total Pages | : 36 |
Release | : 2001 |
Genre | : Capital gains tax |
ISBN | : 9780889751897 |
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Inflation in Open Economies
Author | : Michael Parkin,George Zis |
Publsiher | : Manchester University Press |
Total Pages | : 316 |
Release | : 1978 |
Genre | : Currency question |
ISBN | : 0719007127 |
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Do Central Banks Need Capital
Author | : Mr.Peter Stella |
Publsiher | : International Monetary Fund |
Total Pages | : 40 |
Release | : 1997-07-01 |
Genre | : Business & Economics |
ISBN | : 9781451850505 |
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Central banks may operate perfectly well without capital as conventionally defined. A large negative net worth, however, is likely to compromise central bank independence and interfere with its ability to attain policy objectives. If society values an independent central bank capable of effectively implementing monetary policy, recapitalization may become essential. Proper accounting practice in determining central bank profit or loss and rules governing the transfer of the central bank’s operating result to the treasury are also important. A variety of country-specific central bank practices are reviewed to support the argument.
The Costs and Benefits of Price Stability
Author | : Martin Feldstein |
Publsiher | : University of Chicago Press |
Total Pages | : 374 |
Release | : 2007-12-01 |
Genre | : Business & Economics |
ISBN | : 9780226241760 |
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In recent years, the Federal Reserve and central banks worldwide have enjoyed remarkable success in their battle against inflation. The challenge now confronting the Fed and its counterparts is how to proceed in this newly benign economic environment: Should monetary policy seek to maintain a rate of low-level inflation or eliminate inflation altogether in an effort to attain full price stability? In a seminal article published in 1997, Martin Feldstein developed a framework for calculating the gains in economic welfare that might result from a move from a low level of inflation to full price stability. The present volume extends that analysis, focusing on the likely costs and benefits of achieving price stability not only in the United States, but in Germany, Spain, and the United Kingdom as well. The results show that even small changes in already low inflation rates can have a substantial impact on the economic performance of different countries, and that variations in national tax rules can affect the level of gain from disinflation.