The Effects of Money Growth on Inflation and Interest Rates Across Spectral Frequency Bands
使用频段谱回归技术，识别货币增长与通胀、名义利率之间最重要的频率关系，发现M1增长率的一至两年周期会引发通胀的高频周期和名义利率变化的两组高频周期，支持货币增长可预测变化产生流动性和预期通胀效应的模型。
Band spectral regression techniques are used to identify the frequency bands that are most important in the relationships between money growth and inflation, and between money growth and the nominal interest rate. The results show that cycles in the growth rate of M1 from one to two years long produce higher frequency cycles in inflation and two distinct sets of higher frequency cycles in changes in the nominal interest rate. The results support models where predictable changes in money growth produce liquidity and anticipated inflation effects on nominal interest rates. Copyright 1994 by Ohio State University Press.