Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in … favour of the Fed's current policy. - Welfare costs of inflation ; flow of funds data ; US currency abroad …

Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet … moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in favor of the Fed's current …

Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in …