Holdings: Virtual Deficits and the Patinkin Effect

Virtual Deficits and the Patinkin Effect:

The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit-a deficit that would be observed if inflation were zero. It studies the negative relationship between the inflation rate and real government expenditures-the Patinkin effect. The m...

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Main Author:	Cardoso, Eliane A. (Author)
Format:	Electronic eBook
Language:	English
Published:	Washington, D.C International Monetary Fund 1998
Series:	IMF Working Papers Working Paper No. 98/41
Online Access:	UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext
Summary:	The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit-a deficit that would be observed if inflation were zero. It studies the negative relationship between the inflation rate and real government expenditures-the Patinkin effect. The model outperforms others in explaining four-digit inflation rates that never explode into hyperinflation. It also explains how apparently expansionist fiscal policies end in real deficits that are small and compatible with the small amount of seigniorage that can be collected at high inflation rates. Finally, it applies the model to the case of Brazil
Physical Description:	1 Online-Ressource (40 p)
ISBN:	145184607X 9781451846072

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spelling	Cardoso, Eliane A. Verfasser aut Virtual Deficits and the Patinkin Effect Cardoso, Eliane A Washington, D.C International Monetary Fund 1998 1 Online-Ressource (40 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 98/41 The paper develops a model of inflationary finance that defines the fiscal deficit as a function of the virtual deficit-a deficit that would be observed if inflation were zero. It studies the negative relationship between the inflation rate and real government expenditures-the Patinkin effect. The model outperforms others in explaining four-digit inflation rates that never explode into hyperinflation. It also explains how apparently expansionist fiscal policies end in real deficits that are small and compatible with the small amount of seigniorage that can be collected at high inflation rates. Finally, it applies the model to the case of Brazil Online-Ausg http://elibrary.imf.org/view/IMF001/07831-9781451846072/07831-9781451846072/07831-9781451846072.xml Verlag URL des Erstveröffentlichers Volltext
spellingShingle	Cardoso, Eliane A. Virtual Deficits and the Patinkin Effect
title	Virtual Deficits and the Patinkin Effect
title_auth	Virtual Deficits and the Patinkin Effect
title_exact_search	Virtual Deficits and the Patinkin Effect
title_exact_search_txtP	Virtual Deficits and the Patinkin Effect
title_full	Virtual Deficits and the Patinkin Effect Cardoso, Eliane A
title_fullStr	Virtual Deficits and the Patinkin Effect Cardoso, Eliane A
title_full_unstemmed	Virtual Deficits and the Patinkin Effect Cardoso, Eliane A
title_short	Virtual Deficits and the Patinkin Effect
title_sort	virtual deficits and the patinkin effect
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