How Money Affects Real Output
利用1954至1979年的向量自回归模型，将货币存量分解为货币乘数和基础货币，发现货币乘数创新对实际产出增长的影响约为基础货币的三倍，且公众和美联储的行为对产出有显著影响。
This paper decomposes the money stock into constituent parts to examine the relationship between monetary variables and real economic activity using vector autoregression for 1954 to 1979. The first decomposition reveals that innovations in money multiplier growth rates are approximately three times more influential in determining real output growth than are monetary base growth innovations. The second decomposition includes components of the money multiplier to identify the importance of actions of the public, the banking community, and the monetary authority. The results suggest that the public and the Fed had a significant impact on influencing real output growth. Copyright 1989 by Ohio State University Press.