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‘For a discussion of seigniorage, see Hubert C. Gmubel, “The Distribution of Seigniorage from International Liquidity Creation,” Monetary Problems of the international Economy, ed. Robert A. Mundeil and Alexander K. Swoboda (Chicago: The University of Chicago Press, 1969), pp. 269-82; and Harry C. Johnson, “Appendix: A Note on Seigniorage and the Social Saving from Substituting Credit for Commodity Money,” Monetary Problems, pp. 323-29. Johnson shows two formulas for seigniorage. v—c 1-hi

Financing Government Through Monetary Expansion and Inflation