Money at Low Frequencies
用谱回归方法分析欧元区、日本、英国和美国的数据，发现考虑利率对货币需求的影响后，货币增长与通胀在低频上存在单位关系，并将货币增长的低频信息与产出缺口的高频信息结合到菲利普斯曲线中解释通胀变动。
Many central banks have abandoned monetary targeting because the link between money growth and inflation seemed to disappear in the 1980s. Using spectral regression techniques, we show that for the euro area, Japan, the UK, and the US there is a unit relationship between money growth and inflation at low frequencies when the impact of interest rate changes on money demand is accounted for. We estimate Phillips-curve equations in which the low-frequency information from money growth is combined with high-frequency information from the output gap to explain movements in inflation.