On the Welfare Cost of Inflation and the Recent Behavior of Money Demand
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Post-1980 U.S. data trace out a stable long-run money demand relationship of Cagan's semi-log form between the M1-income ratio and the nominal interest rate, with an interest semi-elasticity below 2. Integrating under this money demand curve yields estimates of the welfare costs of modest departures
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美国国家经济研究局创建时间：
2008-06-01
