Edgar Feige | University of Wisconsin-Madison | Papers - Academia.edu

Edgar Feige

Observer Subject Feedback: Dyna...

Research Interests (24)

Papers

Apt Tax Interview with Brand Eins (in German)

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“Taxation for the 21st Century: The Automated Payment Transaction (APT) Tax” Economic Policy, October, 2000

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“The Automated Payment Transaction (APT) Tax” Presentation to the President’s Advisory Panel on Federal Tax Reform.

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“Starting Over: The Automated Payment Transaction Tax”, Milken Institute Review- Journal of Economic Policy, First Quarter, 2001.

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“Measuring Underground (unobserved, Non-observed, Unrecorded) Economies in Transition Countries: Can We Trust GDP?” Journal of Comparative Economics, Elsevier, vol36(2), June, 2008.

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The Economics Of Natural Resource Scarcity And Implications For Development Policy And International Cooperation

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“Estimating the Size and Growth of Unrecorded Economic Activity in Transition Countries: A Re-evaluation of Electric Consumption Method Estimates and their Implications”, (with I. Urban),

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“Underground Activity and Institutional Change: Productive, Protective and Predatory Behavior in Transition Economies” in Joan Nelson, Charles Tilly and Lee Walker (ed.) Transforming Post-Communist Political Economies, National Academy Press, Washington, DC, 1997

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. "The Transition to a Market Economy in Russia: Property Rights, Mass Privatization and Stabilization,"

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“Revised Estimates of the Size of the U.S. Underground Economy: The Implications of US Currency Held Abroad” in Owen Lippert and Michael Walker (ed) The Underground Economy: Global Evidence of its Size and Impact, Fraser Institute, 1997

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“The Underground Economy and the Currency Enigma” in G. Fiorentini and S. Zamagni (eds) The Economics of Corruption and Illegal Markets, The International Library of Critical Writings in Economics, Edward Elgar Publishing Limited, 1999

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The Roles Of Money In An Economy And The Optimum Quantity Of Money

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"Information Distortions In Social Systems: The Underground Economy And Other Observer-Subject-Policymaker Feedbacks,

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"A Re-Examination of the 'Underground Economy' in the United States; A Comment on Tanzi,"

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"Sweden'S Laffer Curve: Taxation And The Unobserved Economy,"

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"Defining And Estimating Underground And Informal Economies: The New Institional Economics Approach,"

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"The dynamics of currency substitution, asset substitution and de facto dollarization and euroization in transition countries,"

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"Perestroika And Socialist Privatization: What Is To Be Done? And How?

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Unofficial Dollarization in Latin America: Currency Substitution, Network Externalities and Irreversibility,"

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Currency Substitution, Unoffical Dollarization and Estimates of Foreign Currency Held Abroad: The Case of Croatia,

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"Was the United States ResponsiblWas the United States Responsible for Worldwide Inflation under the Regime of Fixed Exchange Rates?,"e for Worldwide Inflation under the Regime of Fixed Exchange Rates?,

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"The Optimal Quantity of Money, Bonds, Commodity Inventories, and Capital," American Economic Review,

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"Testing the causal relationship between the domestic credit and reserve components of a country's monetary base," Journal of Macroeconomics, Elsevier, vol. 3(1), pages 55-76.

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"Multinational Inflation under Fixed Exchange Rates: Some Empirical Evidence from Latent Variable Models," The Review of Economics and Statistics, MIT Press, vol. 63(1),

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"Efficient Foreign Exchange Markets and the Monetary Approach to Exchange-Rate Determination," American Economic Review, American Economic Association, vol. 70(1),

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"The Casual Causal Relationship between Money and Income: Some Caveats for Time Series Analysis," The Review of Economics and Statistics, MIT Press, vol. 61(4)

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Has the Federal Reserve Shifted from a Policy of Interest Rate Targets to a Policy of Monetary Aggregate Targets?," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(4),

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"Some Joint Tests of the Efficiency of Markets for Forward Foreign Exchange," The Review of Economics and Statistics, MIT Press, vol. 61(3), pages 334-41, August.

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"The Substitutability of Money and Near-Monies: A Survey of the Time-Series Evidence," Journal of Economic Literature, American Economic Association, vol. 15(2), pages 439-69, June.

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"Money Supply Control and Lagged Reserve Accounting," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 9(4), pages 536-51, November.

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"Inflation and incomes policy: An application of time series models," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 2(1), pages 273-302, January.

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"Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of Innovations in Measures of Monetary and Fiscal Policy?," Journal of Political Economy, University of Chicago Press, vol. 84(3),

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"The Consequences of Journal Editorial Policies and a Suggestion for Revision," Journal of Political Economy, University of Chicago Press, vol. 83(6), pages 1291-95, December.

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"Temporal Cross-Section Specifications of the Demand for Demand Deposits," Journal of Finance, American Finance Association, vol. 29(3), pages 923-40, June.

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"A Random Coefficient Model of the Demand for Liquid Assets," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 6(2), pages 241-52, May

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"The Roles of Money in an Economy and the Optimum Quantity of Money," Economica, London School of Economics and Political Science, vol. 40(160), pages 416-31, November.

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. "The 1972 Report of the President's Council of Economic Advisers: Inflation and Unemployment," American Economic Review, American Economic Association, vol. 62(4)

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"An Investigation of the Consequences of Partial Aggregation of Micro-Economic Data," Econometrica, Econometric Society, vol. 40(2), pages 343-60, March.

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"The Optimal Quantity of Money, Bonds, Commodity Inventories, and Capital," American Economic Review, American Economic Association, vol. 61(3), pages 335-49, June.

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"Policy Illusion, Macroeconomic Instability And The Unrecorded Economy,

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"Socialist Privatization: Response"

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"The Theory And Measurement Of Cash Payments; A Case Study Of The Netherlands,"

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"The Uk'S Unobserved Economy: A Preliminary Assessment,"

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"The Underground Wealth Of Nations: Commentary On 'The Other Path',"

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"Protection Of Privacy Through Microaggregation,"

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"Overseas Holdings Of U.S.Currency And The Underground Economy,"

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"A Message To Gorbachev:Redistribute The Wealth,"

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"The Economic Consequences Of Peace In The Middle East,"

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"Perestroika And Ruble Convertibility,"

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"Expectations And Adjustments In The Monetary Sector,"

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"The Anatomy Of The Underground Economy,"

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Alternative Temporal Cross-Section Specifications Of The Demand For Demand Deposits,

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The Unobserved Economy And The Uk Laffer Curve

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How Big Is The Irregular Economy In The US?

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"The Wage-Price Control Experiment--Did It Work?,"

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"Dollarization and Euroization in Transition Countries: Currency Substitution, Asset Substitution, Network Externalities and Irreversibility,

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Apt Tax Interview with Brand Eins (in German)

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Revised estimates of the Underground Economy: Implications of U.S. Currency held Abroad

Published in "The Underground Economy:Global Evidence of its Size and Impact,1997

The paper reexamines the strengths and weakness of all direct and indirect methods of estimating the amount of US currency held abroad and concludes that between 25% -45% of US currency is held abroad. This result stands in sharp contrast to the widely cited estimates presented by Porter and Judson (1996) who claim that between 55% -70% of US currency is held abroad. The new estimates of currency held abroad are used to derive a domestic currency series which is then employed in a conventional currency ratio model to estimate the size and growth of the unreported economy in the US between 1973 and 1994.

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Currency Velocity and Cash Payments in the U.S. Economy: The Currency Enigma

This paper develops a demographic model of the currency population by examining the birth and death rates of specific denominations of currency. This framework permits empirical estimation of the average lifetime of notes in circulation and hence the currency velocity (turnovers per year) of each denomination. The velocity of currency times the stock of currency produces estimates of the annual volume of cash payments. Since the volume of check payments (debits to checkable accounts) is regularly recorded, our estimates of cash payments can be used to estimate the total volume of transactions (MV) from the payment side of Fisher’s equation of exchange. The paper goes on to examine the “currency enigma” from the perspective of both “missing currency” and “missing payments”. The estimated volume of cash payments is so high when compared to personal consumption expenditures, that one is led to the conclusion that a large fraction of the US currency supply is held abroad, and that there is a sizable underground (unreported and perhaps unrecorded) economy in the United States.

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