A different kind of money illusion: the case of long and variable lags

Michael F. Bryan and William Gavin ()

No 9122, Working Papers (Old Series) from Federal Reserve Bank of Cleveland

Abstract: 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.

Keywords: Money; supply (search for similar items in EconPapers)
Date: 1991
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Journal Article: A different kind of money illusion: The case of long and variable lags (1994)
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Persistent link: https://EconPapers.repec.org/RePEc:fip:fedcwp:9122

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