本文主要目的在探討政府經由增發貨幣，膨脹性融通(Inflationary Finance)支出，對持有貨幣餘額者課徵通貨膨脹稅(Inflation Tax)有關的問題。全文共分六章十九節，漸次闡明政府藉膨脹性融通課徵通貨膨脹稅的福利成本、最適條件（最適通貨膨脹率及邊際成本）、通貨膨脹稅的差異性租稅效果、租稅歸宿、以及通貨膨脹稅與工資所得稅的F.P. Ramsey最適租稅法則。茲就各章內容略述如下：第一章乃緒論：主要在說明本文的研究動機、研究範圍與方法，政府課征通貨膨脹稅的背景，及討論一般學者認為通貨膨脹稅對經濟發展的正反兩面意見而歸結於福利成本的高低乃衡量膨脹性融通優劣的標準；最後并對通貨膨脹稅的內容作一明確的定義。第二章為膨脹性融通的福利成本：共分四節係基於六個基本假設前提下，說明膨脹性融通的福利成本，首先比較M.J. Bailey以通貨膨脹率(π)與A. L. Marty以貨幣增發率(ρ)稅收(G)之比（亦即平均成本）來衡量膨脹性融通福利成本的方法，而引入E. Tower的邊際成本(dW/dG)概念。第三節中將貨幣視為一種商品，而通貨膨脹稅對貨幣餘額課稅即與一般選擇性銷售稅的性質相近，在獲得政府稅收相等的條件下，比較此兩種融通方式所加諸經濟社會福利損失的大小，而得知膨脹性融通的福利損失大於租稅融通的情況。第四節將前述基本假設逐步加以修正，以符合實際的情況，首先將銀行體系導入，即在法定準備率γ小於一，且銀行對活期存款支付利息的情況下，銀行體系創造貨幣的結果，將使政府增發貨幣的稅收利益外溢於銀行，以及當銀行以低於正常利率放款的借款者之間，因此政府為取得相同稅收所須的通貨膨脹率（稅率）必較高，并修正完全性預期的假設，而將時間因素導入，以動態觀點分析膨脹性融通的福利損失與膨脹稅收、及其現值的大小，而得出靜態經濟完全性預期、靜態經濟適應性預期、成長經濟完全性預期、成長經濟適應性預期，四種不同融通情況下，滿足邊際膨脹稅收現值增量等於邊際福利損失現值增量的均衡通貨膨脹率及其高低。第三章探討最適膨脹性融通、邊際成本及其比較：首先說明融通一項政府支出的最適條件將因情況而異。
第二節中最適條件係滿足Adams Smith租稅原則的徵費節約原則，換言之在達成政府膨脹稅收極大的情況下，以變分學(Calculus)的尤拉等式(Euler Equation)求出前述四種不同融通情況下的最適通貨膨脹率及其邊際成本，并比較其大小。第三節中將指數化(Indexation)導入上項政府膨脹性融通的最適條件中，分析當政府府對持有名目貨幣餘額者按通貨膨脹率的一定比率θ指數調整貨幣購買力後對前節最適條件的影響，而獲知指數化將使膨脹性融通達成既定政府稅收的最適通貨膨脹率較指數化前為高。第四節就台灣民國35-38年實際資料，配以上述四種不同融通情況，估算當時膨脹性融通的最適通貨膨脹率π*(t),膨脹稅收現值(G*)、福利損失現值(W*)及福利損失現值與膨脹稅收現值兩者之比W*/G*詳如表(3-8)至(3-11)所示，而得出在π*(t)時W*/G*比以靜態經濟完全性預期膨脹性融通最高、靜態經濟適應性預期的情況次之、成長經濟適應性預期的情況再次之，而以成長經濟完全性預期的膨脹性融通W*/G*比最低。而最適通貨膨脹率π*(t)則以靜態經濟適應性預期情況最高，成長經濟適應性預期情況次之、靜態經濟完全性預期情況再次之，而以成長經濟完全性預期的最適通貨膨脹率最低。四章為通貨膨脹稅的差異性租稅效果及其歸宿：分五節，主要以J. Pithford與S.J. Turnovsky的物價工資模型中導入通貨膨脹稅(tπ)，在維持政府實質總稅收固定不變的前提下，以差異性((Differential)租稅概念，分析通貨膨脹稅、工資所得稅、利潤稅與銷售稅間的替代關係對稅後利潤率、工資率以及租稅歸宿的影響。（但此時政府所課徵的通貨膨脹稅并非完全性預期的情況）。第五章說明通貨膨脹稅與工資所得稅的F.P. Ramsey最適租稅法則：
F.P. Ramsey的最適租稅法則強調租稅課微應使消費者對所有商品的需求沿著受補償需求曲綫呈近似等比的降低，筆者仿照商品稅(Commodity Tax)的F.P. Ramsey最適租稅法則的求法，以差異性租稅概念，導出通貨膨脹稅與工資所得稅的Ramsey租稅法則，并由該一法則引伸出最適稅率應與課稅客體的彈性呈反比例的關係（亦即稅率應與彈性呈反比法則），因此當實質貨幣需求對通貨膨脹率缺乏彈性或彈性等於零時，對各目貨幣餘額課稅，係政府的—適當稅源。第六章為結論：針對前述五章的分析綜合整理出14.點結論。

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