Putting "M" Back in Monetary Policy
发现，货币变量是否以及如何进入模型，会显著改变政策冲击对产出、通胀和通胀惯性的估计结果，并给出了简单的经济学解释。
Money demand and the stock of money have all but disappeared from monetary policy analyses. Remarkably, it is more common for empirical work on monetary policy to include commodity prices than to include money. This paper establishes and explores the empirical fact that whether money enters a model and how it enters matters for inferences about policy impacts. The way money is modeled significantly changes the size of output and inflation effects, and the degree of inertia that inflation exhibits following a policy shock. We offer a simple and conventional economic interpretation of these empirical facts.