A different kind of money illusion: The case of long and variable lags
An analysis of how the money supply process can affect the cross-covariance structure of inflation and monetary growth, showing that the Federal Reserve's change in emphasis to monetary targeting in late 1979 could have made the apparently long lag from money growth to inflation virtually disappear in the 1980s.
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References listed on IDEAS
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- Milton Friedman, 1961. "The Lag in Effect of Monetary Policy," Journal of Political Economy, University of Chicago Press, vol. 69, pages 447-447.
- Thomas J. Sargent, 1975.
"The observational equivalence of natural and unnatural rate theories of macroeconomics,"
48, Federal Reserve Bank of Minneapolis.
- Sargent, Thomas J, 1976. "The Observational Equivalence of Natural and Unnatural Rate Theories of Macroeconomics," Journal of Political Economy, University of Chicago Press, vol. 84(3), pages 631-640, June.
- James Tobin, 1969.
"Money and Income: Post Hoc Ergo Propter Hoc?,"
Cowles Foundation Discussion Papers
283, Cowles Foundation for Research in Economics, Yale University.
- William Poole, 1987.
"Monetary Policy Lessons of recent Inflation and Disinflation,"
NBER Working Papers
2300, National Bureau of Economic Research, Inc.
- Poole, William, 1988. "Monetary Policy Lessons of Recent Inflation and Disinflation," Journal of Economic Perspectives, American Economic Association, vol. 2(3), pages 73-100, Summer.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
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