Score contribution per author:
α: calibrated so average coauthorship-adjusted count equals average raw count
We consider the Federal Reserve’s remittances to the Treasury and extend the estimates offered by Barro (1982) and Jefferson (1998) to assess the net effect of the Fed’s new operating regime on seigniorage payments. Most measures indicate that the Fed’s new operating regime has increased the level of seigniorage and its relative importance in total tax receipts. Whether seigniorage from domestic and foreign holdings of U.S. currency has become more or less important as a source of revenue depends on the measure of seigniorage used.