Optimal revenue smoothing: the case of New Zealand

Article Abstract:

The theory of optimal revenue generation for New Zealand over a 60-year period was examined. The data gathered generated significant empirical support for the period up to 1989 when the Reserve Bank became independent. However, the long-term relationship between the tax rate and the rate of inflation ceased in the wake of the enactment of the Reserve Bank Act of 1989. The demise of the all-powerful policymaker could be attributed to the sudden break in the relationship between the two time series.

Tax Law, Public Finance Activities, Economic aspects, New Zealand, Tax policy, Revenue

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On the optimal seigniorage hypothesis

Article Abstract:

The optimal seigniorage hypothesis was tested to assess its effectiveness in illustrating inflation behavior. The hypothesis, which was validated using data coming from Canada and US from 1953 to 1993, established a positive covariance relationship between inflation and tax rates. The possibility that the existence of a positive relationship between inflation and tax rates may also be partly due to some non-neutralities in the tax system was also established using the hypothesis.

Economics, Research and Development in the Social Sciences and Humanities, Research, Macroeconomics, Tax rates

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Seigniorage and tax smoothing: testing the extended tax-smoothing model

Article Abstract:

An extended tax-smoothing model is examined. The model varies from previous studies in that money velocity is considered a non-stationary rather than a constant process. Application of the model to 12 industrialized countries prove that money velocity is non-stationary. It is also argued that the effects of tax-smoothing have been ignored in determining the behavior of seigniorage in these countries.

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