This article re-examines the optimality of tax smoothing and optimal inflation persistence in the context of monetary models with cash constraints where the Friedman rule is not optimal. I consider distortionary taxes on either consumption or labor income. As a consequence of the non-optimality of the Friedman rule, the Ramsey-optimal policy features a tax rate volatility that is orders of magnitude larger than the cornerstone tax-smoothing result of the standard Ramsey literature. The Ramsey results also imply an optimal inflation rate that is much more persistent than the existing results. When all consumption goods are subject to a cash constraint, purposeful tax and interest rate volatilities are used to smooth wedges. Therefore, in contrast to the widely accepted view in the literature that in RBC models wedge smoothing implies tax smoothing, this paper shows that this is not necessarily true. I also discuss the Ramsey problem in the context of the cash-credit goods framework with non-homothetic preferences where neither tax-smoothing nor wedge smoothing result necessarily holds when the Friedman rule ceases to be optimal.

中文翻译：

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重新审视 RBC 货币模型中的税收平滑和最佳通胀持续性

本文重新研究了在弗里德曼规则不是最优的具有现金约束的货币模型背景下税收平滑和最优通胀持续性的最优性。我考虑对消费或劳动收入征收的扭曲税。由于弗里德曼规则的非最优性，拉姆齐最优政策的税率波动性比标准拉姆齐文献的基石税收平滑结果大几个数量级。Ramsey 结果还暗示了一个比现有结果更持久的最佳通货膨胀率。当所有消费品都受到现金约束时，有目的的税收和利率波动被用来平滑楔子。因此，与文献中广泛接受的观点相反，即在 RBC 模型中楔形平滑意味着税收平滑，这篇论文表明，这不一定是正确的。我还在具有非同类偏好的现金信贷商品框架的背景下讨论了拉姆齐问题，其中当弗里德曼规则不再是最优时，税收平滑和楔形平滑结果都不一定成立。