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Does Money Growth Tell Us Anything about Inflation?

出版	Bruegel, 2021
URL	http://books.google.com.hk/books?id=cloMzwEACAAJ&hl=&source=gbs_api

註釋Economists and central bankers no longer consider monetary aggregates relevant for inflation forecasts. We explain this neglect by advancing and testing the hypothesis that monetary aggregates are only relevant for inflation in unsettled monetary and inflationary conditions. When inflation is basically stable around the central bank target (1.9 percent), as it has been in most of the last two decades, there is no apparent relationship between monetary aggregates and inflation. This is not surprising: there is not much to be explained about a constant.