OPTIMAL FISCAL AND MONETARY POLICY WITH DISTORTING TAXES

Christopher A. Sims, Princeton Universi
作者：克里斯托弗·西姆斯

     （普林斯顿大学）

ABSTRACT. When the interest rate on government debt is low enough, it becomespossible to roll it over indefinitely, never taxing to retire it, without producing a growing debt to GDP ratio. This has been called a situation with zero “fiscal cost” to debt.But when low interest on debt arises from its providing liquidity services, zero fiscalcost is equivalent to finance through seigniorage. Some finance through seigniorageis generally optimal, however, despite results in the literature seeming to show thatthis is not so.
当ZF债务的利率足够低时，就可以无限期地将其展期，从不征税以使其退休，而不会产生债务与GDP的比率不断增长的情况。这被称为债务“财务成本”为零的情况。但是，当债务的低利息是由于其提供流动性服务而产生的，则零财政成本就相当于通过铸币税融资。通常，通过铸币税获得一些资金是最佳的，尽管文献中的结果似乎表明事实并非如此。