The Choice Among Monetary Aggregates as Targets and Guides for Monetary Policy
比较了不同货币总量作为货币政策指引的实用性，依据是它们影响和预测GNP增长的能力，通过速度稳定性和提前信息两个维度测试。
DIFFICULTIES IN MEETING its monetary targets led the Federal Reserve in October 1979 to adopt a new operating procedure to achieve firmer control over monetary aggregates. Yet the inflationary environment has fostered financial developments that affect the behavior of the traditional monetary aggregates and that raise questions whether different aggregates may not be better. This paper compares the various monetary aggregates for their usefulness as guides for monetary policy in the light of recent financial developments. The criterion of usefulness is the ability to influence and predict GNP growth. This ability is tested in two ways, first by the stability of the velocities of the monetary aggregates, and second by the advance information they provide of GNP growth. It is presumed that the aggregates with the most stable velocities make the best targets for monetray policy, and that those containing the most advance information make the best guides for policy. The paper has three main sections. The first discusses the criteria for using monetary aggregates as targets and guides. The second two sections describe and report tests of the various monetary aggregates as targets and guides. A summary of findings is presented as a final section.