Grossman, Herschel I. - 2010
seigniorage by issuing fiat money in echange for real resources. One insightful result is that , with contemporaneous perceptionof … solution for maximal seigniorage is the reputatoinal equilibrium. More generally , the analysis shows that the objective of … maximal seigniorage produces an equilibrium inflation rate equal either to a generalization of the Friedman elasticity …