THE INFLATION PROCESS IN INDUSTRIAL COUNTRIES INDIVIDUALLY AND COMBINED
研究了七个主要工业国家及比利时、荷兰、瑞士的通货膨胀决定因素，发现货币供应量增长对实际和预期通胀有滞后影响，且货币流通速度呈强顺周期性，长期通胀还受流通速度和潜在产出变化影响。
This paper reports on technical studies of the determinants of inflation which were undertaken for the seven major industrial countries and Belgium, the Netherlands, and Switzerland in two distinct expectational frameworks. Both are designed to account for the empirical fact that changes in the rate of growth of the money supply (M2) affect both actual and expected inflation with a lag distributed over several years. It is found that M2 velocity is strongly procyclical. Furthermore, the underlying course of inflation since 1960 was influenced not only by money supply growth, but also by the changed longrun behavior of velocity and potential output imparting additional inflationary bias in most countries.