Adding mystery to the case of the missing currency

详细信息    查看全文

• 作者：Jonathan Haughton
• 刊名：The Quarterly Review of Economics and Finance
• 出版年：1995
• 出版时间：1995
• 年：1995
• 卷：35
• 期：Complete
• 页码：595-602
• 全文大小：581 K

文摘

The Fedeal Reserve Bank reports that approximately $300 billion worth of United States currency was in circulation in 1992. Yet based on household survey and other information, households and firms in the country claim to hold only a fifth of this total. A recent article by Sprenkle argues that the “missing currency” is largely held outside the United States. It is implausible that most of the missing currency is held outside the United States; with simple adjustments we are able to explain the whereabouts of about half of all the currency in circulation. Even these adjustments would imply very large overseas holdings of dollars, so we suspect that people hold surprisingly large amounts of currency; why this should be so is not yet fully understood.