Collect data on the monetary base in the U.S. What was the size of the monetary base in August of 2007? What about in August of 2009? If the inflation tax is the ?M and the monetary base is our measure of M, then how much revenue was raised from the inflation tax over this 2- year time period? What is the average fraction of GDP this amount consisted of each year? You can just use the Q4 GDP amount.