中文摘要：

本文主要研究准备金付息和无息情况下的货币铸币税和机会成本铸币税。在理论上,利用卡甘货币需求函数和MIU模型研究央行的最优货币铸币税与机会成本铸币税,结果显示,卡甘货币需求函数下,铸币税呈倒U型特征;在MIU模型下,铸币税呈U型或倒U型,又或者没有U型特征等多种情况。从实证方面看,我国货币铸币税的变动呈U型,和MIU理论分析一致;机会成本铸币税呈倒U型;央行利润呈倒U型;转移的机会成本铸币税不具有U型或倒U型特征。

英文摘要：

This paper mainly measures monetary seigniorage and opportunity cost seigniorage of China＇s central bank,considering the interests of the reserves or not. Theoretically,based on Cagan money demand function and MIU model,the results display that seigniorage has the inverted u-shape feature under Cagan money demand function,and has the u-shaped or the inverted u-shape feature or neither in the MIU model. The empirical results show that the central bank monetary seigniorage in China has U-shape features,which is in accord with the theoretical analysis;the opportunity cost seigniorage has ＂inverted u shape＂;profits of China＇s central bank has ＂inverted u shape＂features,while transferred opportunity cost seigniorage has neither the u-shaped nor inverted u-shape features.