Monetary Aggregates as Monetary Targets: A Statistical Investigation
分析战后美国货币基础、M1和M2的统计性质，评估它们在预测价格和实际产出方面的有用性、预测能力排名以及与宏观经济关系的稳定性。
In this paper, the authors analyze statistical properties of the monetary base, M1, and M2 for the postwar U.S. data record. The authors are specifically interested in answering three policy-related questions. First, to what extent do these monetary aggregates contain information useful for predicting movements in prices and real output? Second, how do the aggregates rank as to their predictive usefulness? Third, how do these aggregates rank as to the stability of their relationship to the macroeconomy? Copyright 1992 by Ohio State University Press.