Shoe‐leather Costs Reconsidered
评估英国1970-1994年数据，发现用半对数利率弹性估算，名义利率从6%降至2%可带来永久性GNP增长0.22%，质疑了Lucas关于美国皮鞋成本高达GNP 1%的结论。
It has recently been suggested by Robert Lucas that `shoe-leather' costs of inflation may amount to as much as 1% of GNP in the United States. This paper assesses the UK evidence for the period 1970-1994. Similar estimates to those of Lucas are found using his original specification, but a preferred functional form using a semi-log interest elasticity of demand for money reveals a 0.22 % of GNP gain in perpetuity following a sustained fall in nominal interest rates from 6% to 2%.