Chadha, Jagjit; Haldane, Andrew G.; Janssen, Norbert G. J. - 1999
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 U.K. evidence for the period 1970-1994. Similar estimates to those of Lucas are found using his original specification, but a...
