Money Demand and Seigniorage-maximizing Inflation
By William Russell Easterly, Paolo Mauro, Klaus Schmidt-Hebbel
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The elasticity of substitution in transactions between money and bonds is a crucial determinant of the seigniorage- maximizing inflation rate and of whether the semi- elasticity of money demand with inflation increases with inflation.
Book Details
- Country: US
- Published: 1992
- Publisher: World Bank Publications
- Language: English
- Pages: 32
- Available Formats:PDF
- Reading Modes:Image