Abstract
This paper examines the influence relative real income between countries and the distribution of seigniorage have on the equilibrium inflation rate. I find that the allocation of seigniorage influences the equilibrium inflation rate when relative real income differs between countries. When the allocation of seigniorage is from a "rich" country to a "poor" country, the equilibrium inflation rate increases. When the allocation of seigniorage is from a "poor" country to a "rich" country, the equilibrium inflation rate decreases.
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