Asset Substitution and Monetary Volatility
研究货币总量的波动主要来自基础货币还是货币乘数，发现货币乘数比基础货币更波动，但M2和M3乘数内部抵消了单个成分的波动。
This paper investigates the question as to whether the volatility of the monetary aggregates arises primarily from the behavior of the monetary base or the monetary multipliers. The findings indicate that the monetary multipliers are more volatile than the base, regardless of the definition of money. The multiplier is substantially more volatile than the m2 or m3 multipliers. Analysis of multiplier's component ratios indicates high volatility of individual components. However, the m2 and m3 multipliers, hence the M2 and M3 aggregates, internalize the movements of volatile individual components. Copyright 1991 by Ohio State University Press.