Fielding, David - In: Journal of Economic Studies 21 (1994) 2, pp. 3-37
for four African economies, using quarterly data. Finds that money demand depends not only on income, inflation and … interest rates, but also on variability of inflation and interest rates: the more variable the return to an asset, the lower …. Since high inflation tends to be associated with highly variable inflation, any calculation of the seignorage …