MZM: A Monetary Aggregate for the 1990s?
提出MZM这一替代货币指标，包含所有按面值即期支付的工具，并展示其与名义GDP及机会成本近年保持稳定关系，暗示政策潜力。
A presentation of some tentative evidence that MZM, an alternative money measure comprising all instruments payable at par on demand, has exhibited a fairly stable relationship with nominal GDP and with its own opportunity cost in recent years, suggesting a potential role for policy.