Some Features of the Money’s Accelerator Performance
Money supply can be divided into two components: the one serving nominal GDP production and the other serving stock market transactions. It is argued that weak fluctuations of money supply growth rates relative to nominal GDP growth rates provoke strong fluctuations of the money supply component serving stock market. This, in turn, leads to sharp fluctuations in the stock market conjuncture that implies not only financial turmoil but economic depression. The authors propose to manage this process through analyzing dynamics of the specially designed index.
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