“The Federal Reserve system balance sheet: what happened and why it matters”, by Peter Stella and “Profits, dividends and capital – considerations for central banks“, by Kenneth Sullivan. Some of paper cited in the text of TCU. For Sullivan, “Economically, realized profits represent the transfer of real resources and are a legitimate component of fiscal revenues” and Stella declares, “Many central banks with significant foreign exchange holdings which are not hedged against currency fluctuations make adjustments to their accounts to avoid paying unrealized foreign exchange gains to government as this is seen an economically equivalent to unrequited money creation.”
Central Banks (Stella and Sullivan)
