Money Growth Volatility and the Macroeconomy
利用向量自回归模型分析1961年至1984年间美国货币增长波动性对长期利率、产出和价格水平的影响，发现货币增长波动性对利率和产出有显著影响，但对价格水平影响较小。
This study analyzes the effects of variability in money growth on the macroeconomy, for the period 1961:1-1984:4, within the context of a vector autoregressive model that contains variables typically included in a small macro model. Variance decompositions and historical decompositions are used to assess the impact of money growth variability. The variance decompositions suggest substantial effects of money growth variability on the long-term interest rate, output, and the price level. Historical decompositions for 1979:4-1984:4 suggest substantial effects of money growth variability on the interest rate and output, but smaller effects on the price level are found. Copyright 1988 by Ohio State University Press.