The forecast performance of alternative models of inflation
研究发现，1977至1987年间，基于M2需求的通胀模型比预期增强型菲利普斯曲线更准确地描述了实际通胀行为，说明货币因素在解释通胀时不可忽视。
It is inappropriate to ignore the behavior of money in explaining the generation and evolution of aggregate inflation over time. It is shown that over the period 1977 to 1987 an inflation model based on M2 demand describes more accurately the actual behavior of inflation than an expectations-augmented version of the Phillips curve.