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مقام مالی(دولت)
An issue of concern, studied by Hall and Reis (2015) and Reis (2016a,b), is the consequences of a large central bank balance sheet for transfers between the central bank and the fiscal authority.
The fiscal authority issues one-period nominal government bonds, each of which sells for zb units of money in the CM and is a claim to one unit of money in the next CM.
The fiscal authority is assumed to have access to lump sum taxes and transfers, with τ t denoting the transfer, in real terms in period t.The economy starts in period 0 with no consolidated government liabilities outstanding, and the period 0 budget constraint for the fiscal authority is
Thus, the fiscal authority issues one-period debt, and then transfers the proceeds lump sum to the private sector.
, the fiscal authority's budget constraint is
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