Money Demand and Seigniorage-Maximizing Inflation
指出传统Cagan形式假设货币需求通胀半弹性恒定，而实际中货币与债券的交易替代弹性会影响半弹性变化，基于11个高通胀国家面板数据的估计显示，允许半弹性可变时铸币税最大化通胀率低于Cagan形式估计值，且使用正确的机会成本度量也会显著改变结果。
Conventional estimates of the seigniorage-maximizing inflation rate often make use of the Cagan form, which implies a constant semielasticity of money demand with respect to inflation. This paper shows that the elasticity of substitution in transactions between money and bonds determines how the inflation semielasticity of money demand changes as inflation rises. Allowing for a variable semielasticity, estimates of seigniorage-maximizing inflation for a panel of eleven high-inflation countries are lower than those obtained by using the Cagan form. Estimates based on the correct measure of the opportunity cost of money also differ sharply from those obtained when using conventional inflation measures. Copyright 1995 by Ohio State University Press.