On November 8, 2016, India demonetized 86 percent of its currency in circulation. The stated objectives of the move were to seize undeclared income, to destroy counterfeit currency, to speed up formalization of the economy, and to increase the tax base. I find that the evidence over the subsequent three years suggests that the move had limited success in achieving its stated objectives. Disaggregated data suggests that demonetization did have appreciable costs in terms of lost jobs and output. However, the output costs appear to have been temporary.

中文翻译：

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伟大的印度非货币化

2016年11月8日，印度将流通中的86％的货币货币贬值。此举的既定目标是没收未申报的收入，销毁伪造的货币，加快经济的正规化并增加税基。我发现，随后三年的证据表明，此举在实现其既定目标方面取得的成功有限。分类数据表明，就失去工作和产出而言，取消货币化确实会产生可观的成本。但是，产出成本似乎是暂时的。