The Effects of Inside and Outside Money on Industrial Production Across Spectral Frequency Bands
使用频段滤波技术研究货币与收入之间的因果关系，发现外部货币的低频波动是货币影响经济活动的主要原因，且收入对外部货币存在强反馈。
This paper examines money-income causality using band spectral filtering techniques. The paper's central finding is that relatively low frequency movements in outside money are responsible for the relationship between money and economic activity. This result is inconsistent with theoretical models in which unanticipated changes in money are responsible for movements in real activity. Reverse causality is also examined. The results are not supportive of a strong feedback relationship from income to inside money. However, there is evidence of strong feedback from income to outside money.