International Economics 10th Edition by Paul Krugman,Maurice Obstfeld ,Marc Melitz

تمرين 2

Assume that a country's inflation rate was 100 percent per year in both 1990 and 2000 but that inflation was falling in the first year and rising in the second. Other things equal, in which year was seigniorage revenue greater? (Assume that asset holders correctly anticipated the path of inflation.)