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Different Types of Central Bank Insolvency and the Central Role of Seignorage

Ricardo Reis

NBER Working Paper No. 21226
Issued in May 2015

---- Acknowledgments ----

This note was delivered as a discussion of "When does a central bank's balance sheet require fiscal support?" by Marco Del Negro and Christopher A. Sims at the Carnegie-Rochester conference of November, 2014. I am grateful to the Institute for New Economic Thinking for financial support, and to Cynthia Balloch, Jens Hilscher and Alon Raviv for comments. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Ricardo Reis ----

I have been an academic consultant or have given lectures receiving modest financial compensation at many central banks over the past 3 years, including the Bank of England, the Central Bank of Brasil, the FRB Minneapolis, the FRB New York, the FRB Richmond, the Norges Bank, and the Swiss National Bank. None of these interfered in any way with my research in this paper.

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