Foreign Demand for Domestic Currency and the Optimal Rate of Inflation
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More than half of U.S. currency circulates abroad. As a result, much of the seignorage income of the United States is generated outside of its borders. In this paper we characterize the Ramsey-optimal rate of inflation in an economy with a foreign demand for its currency. In the absence of such
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美国国家经济研究局创建时间：
2009-11-01
