Financial Technology Shocks and the Case of the Missing M2
发现1990年代初M2增速异常疲弱而流通速度飙升，随后增速恢复但流通速度维持高位，形成“失踪的M2”问题。通过修正货币模型纳入债券共同基金成本变化，可更好追踪M2增长并解决该问题。
growth was unusually weak in the early-1990s when its velocity soared. Although growth subsequently recovered, its velocity plateaued at a high level, giving rise to a case of money. These swings in growth have accompanied opposite swings in bond mutual fund inflows. growth is better tracked and the missing M2 problem is resolved when money models are modified to account for shifts in bond mutual fund costs. This approach avoids the capital gains and portfolio substitution problems posed by adding bond or equity funds to M2, while capturing the substitution effects relevant to money demand.