Report
Monetary policy in OECD countries: From inflation tax to the taxation of savers
Central banks have always helped ensure fiscal solvency; only the nature of their intervention has changed. In the past, they did this with an inflation tax and seigniorage: inflation is a tax on economic agents ’ money balances. Today, a tax is being levied on savers via abnormally low interest rates relative to growth. The key question is whether it is less dangerous to tax the holders of government bonds or to tax the holders of money.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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