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Ownership of Capital in Monetary Economies and the Inflation Tax on Equity, Thomas Cosimano, Ralph Chami, Connel Fullenkamp

Abstract
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
Language
eng
Literary Form
non fiction
Note
Bibliographic Level Mode of Issuance: Monograph
Physical Description
1 online resource (44 pages)
Form Of Item
online
Isbn
9781282026582

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