Mezinskis on TFTC is a good place t start. He goes into it. Some of my notes that are preliminary:

Hidden M3 Monetary Volumes and Inflationary Impact

Eurodollar Market Size

* Estimated Total Market: $14-16 trillion

* Untracked in Standard Inflation Calculations

* Potential Inflationary Contribution: 3-5% additional inflation annually

Repo Market Volume

* Daily Repo Market Transactions: $4-5 trillion

* Annual Equivalent: Approximately $1.4-1.8 quadrillion

* Potential Hidden Liquidity Impact: 2-4% additional inflation annually

Comprehensive Estimate

* Total Untracked Monetary Volume: $15-20 trillion

* Estimated Aggregate Inflationary Contribution: 5-9% of unreported inflation

Comparative Analysis

* Official Inflation Rate (2024): 3-4%

* Estimated Real Inflation Rate: 8-13%

* Additional Inflation from Untracked M3: 5-9%

Caveat: These are rough estimates based on financial market observations and require sophisticated econometric modeling for precise calculation.