Gupta, Rangan; Uwilingiye, Josine - In: South African Journal of Economics 76 (2008) 1, pp. 16-25
In this paper, we estimate the long-run equilibrium relationship between money balance as a ratio of income and the Treasury bill rate for the period of 1965:02 to 2007:01, and in turn use the relationship to obtain welfare cost estimates of inflation. Using the Johansen technique, we estimate a...