The role of seigniorage in the 1970’s inflation

Kirschen’s estimate of the yearly average of external seigniorage from 1960-1972 amounts to 5.4 thousand million dollars. He does not include foreign private sector holdings of dollars into his calculations as those could always have been sold to a Central Bank. U.S. liquid liabilities to western European official institutions (Table 2, p. 364) increased from 5.5 in 1959 to 7.5 million ... ................
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