Darby, Michael R; Mascaro, Angelo R; Marlow, Michael L - In: Economic Inquiry 27 (1989) 4, pp. 555-85
It is widely believed that monetary aggregates have failed to predict economic performance over 1983-87. This paper observes that the traditional definition of money (M1 less other checkable deposits, or M1A) shows no evidence of structural change, and yields lower prediction errors for both...