Money and Output: Friedman and Schwartz Revisited
用更近期的美国数据和Divisia货币总量指标，重新检验了弗里德曼和施瓦茨关于货币与产出关系的经典发现，并估计了货币政策冲击对产出和价格的持久影响。
More than 50 years ago, Friedman and Schwartz examined historical data for the United States and found evidence of procyclical movements in the money stock, which led corresponding movements in output. We find similar correlations in more recent data; these appear most clearly when Divisia monetary aggregates are used in place of the Federal Reserve's official, simple‐sum measures. When we use information in Divisia money to estimate a structural vector autoregression, identified monetary policy shocks appear to have large and persistent effects on output and prices, with a lag that has lengthened considerably since the early 1980s.