The Return of the Liquidity Effect: A Study of the Short-Run Relation Between Money Growth and Interest Rates
使用带通滤波器研究货币增长与利率的短期关系，发现两者负相关，表明流动性效应主导了预期通胀效应。
In this article, I use band-pass filters to investigate the short-run relationship between money growth and interest rates. I find a negative correlation between short-run movements in money growth and interest rates, which I interpret as evidence that the liquidity effect dominates the anticipated inflation effect.