期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2011
出版社：European Central Bank
摘要：Empirical studies of the shoe-leathercosts of ination are typi- cally computed using M1 as a measure of money. Yet, o¢ cial data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the failure to control for currency held by non residents may lead to signi cantly overestimating the shoe-leather costs for the domestic economy. In particular, our estimates of shoe-leather costs are minimized for a positive but moderate value of the ination rate, thereby justifying a deviation from the Friedman rule in favour of the Feds current policy.
关键词：Welfare costs of ination; ow of funds data; US cur-;rency abroad
