Transparency must not prevent our contact with real life, with interest representatives or non-interest representatives.
I intend to do the other thing and declare a non-interest.
The point is that the tax is a percentage of current account non-interest earning accounts.
They would be covered by legal tender, non-interest-bearing paper, instead of interest-bearing paper, and there is nothing wrong with that.
There were no other practical ways of organizing large groups of voters for representation at that time that were consistent with these (non-interest based) normative ends.
The benchmark pension portfolio includes 8.3 % corporate bonds, 9.9 % government bonds, 56.7 % stocks, 23.0 % interest bearing cash and certificates of deposit, and 2.1 % non-interest bearing cash.
The own rates of return on notes and coins and non-interest bearing sight deposits are taken to be zero but the opportunity cost of holding these assets is not zero.
We find that the welfare cost of inflation is substantially lower in the model with interest-bearing deposits than in models where all monetary assets are assumed to be non-interest bearing.
