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Monetary Base Growth, Deposit Growth, and Inflation in the Postwar United States

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  • Boschen, John F
  • Talbot, Kathleen E

Abstract

In this article, the authors examine the impact of monetary-base growth on inflation in the post-World War II United States. The most significant and stable empirical relationship is between monetary base growth and inflation. However, the authors also find that non-interest-bearing demand deposit growth has an impact on inflation. The relation between demand deposit growth and inflation was strongest during the Bretton Woods era, but apparently remains significant in the post-Bretton Woods period. The authors' results indicate that newer interest-bearing transactions deposits in M1, as well as in M2-category deposits, play no role in inflation. Copyright 1991 by University of Chicago Press.

Suggested Citation

  • Boschen, John F & Talbot, Kathleen E, 1991. "Monetary Base Growth, Deposit Growth, and Inflation in the Postwar United States," The Journal of Business, University of Chicago Press, vol. 64(3), pages 313-337, July.
    • Handle: RePEc:ucp:jnlbus:v:64:y:1991:i:3:p:313-37
    DOI: 10.1086/296540
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    Cited by:

    1. Michael T. Belongia, 1992. "Selecting an intermediate target variable for monetary policy when the goal is price stability," Working Papers 1992-008, Federal Reserve Bank of St. Louis.
    2. Chan Il Park, 1998. "Transactions Demand for Money and the Inverse Relation Between Inflation and Output: the Case of Korean Economy," International Economic Journal, Taylor & Francis Journals, vol. 12(1), pages 39-51.
    3. Prakash Loungani & Phillip Swagel, 1995. "Supply-side sources of inflation: evidence from OECD countries," International Finance Discussion Papers 515, Board of Governors of the Federal Reserve System (U.S.).
    4. Belongia, Michael & Hinich, Melvin, 2009. "The evolving role and definition of the federal funds rate in the conduct of U.S. monetary policy," MPRA Paper 18970, University Library of Munich, Germany, revised Aug 2009.

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