FISCAL CONSEQUENCES FOR MEXICO OF ADOPTING THE DOLLAR

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Optimal Fiscal and Monetary Policy under Imperfect Competition (2004, unknown): “…Ramsey economy under perfect competition are consistent with those obtained by Chari et al. (1991).12 11The observation that in the Ramsey equilibrium inflation acts as a lump-sum tax on wealth was, to our knowledge, first made by Chari et al. (1991) and has recently been stressed by Sims (2001).”
Money Growth Monitoring and the Taylor Rule (2001, unknown): “In addition, seignorage revenues, (Mt+1 −Mt)/Pt, 10See also, for example, BSGU, Leeper (1991), Sims (1994, 2001). are growing without bound: Mt+1 −Mt Pt = µ µ∗ β ¶t M0 P0 (µ∗ − 1)→∞ as t→∞.”
Money as stock (2005, background): “Following this corporate finance end of the stock analogy, Sims (2001) advocates that Latin American economies not dollarize, precisely to leave intact an equity-like security (nominal debt) for government finance.”
Optimal fiscal and monetary policy under sticky prices (2004, unknown): “Christiano and Fitzgerald [7] and Sims [25], although limiting their analysis to the case of flexible prices, also recognize this point and propose as a potentially fruitful line of research the quantitative assessment of the costs and benefits of price volatility in models with sluggish price adjus”