Recent Behavior of Velocity: Alternative Measures of Money
研究了M2货币总量近期的异常疲软，探讨其对经济和政策指导可靠性的影响，并回顾历史上货币增长急剧放缓与经济疲软的关系。
The unusual weakness of the M2 monetary aggregate over the past year or so has raised concerns about implications for the economy and has brought into question the reliability of this measure as a guide for policy. These concerns heightened last summer as initial reports indicated that M2 declined in the third quarter, leaving it around the lower bound of its target range. Historically, such sharp slowdowns in money growth have been associated with subsequent weakness in economic activity.