01698cas a2200265 a 4500 AALejournalIMF001089 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451858167 1018-5941 BD-DhAAL BD-DhAAL Cosimano, Thomas. Ownership of Capital in Monetary Economies and the Inflation Tax on Equity / Thomas Cosimano, Ralph Chami, Connel Fullenkamp. Washington, D.C. : International Monetary Fund, 1999. 1 online resource (44 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Financial instruments are subject to inflation taxes on the wealth they represent and on the nominal income flows they provide. This paper explicitly introduces financial instruments into the standard stochastic growth model with money and production and shows that the value of the firm in this case is equal to the firm's capital stock divided by inflation. The resulting asset-pricing conditions indicate that the effect of inflation on asset returns differs from the effects found in other papers by the addition of a significant wealth tax. Mode of access: Internet Chami, Ralph. Fullenkamp, Connel. IMF Working Papers; Working Paper ; No. 1999/167 Full text available on IMF http://elibrary.imf.org/view/journals/001/1999/167/001.1999.issue-167-en.xml IMF e-Library