responds positively to surprises in labor productivity growth. However, we do not reject the hypothesis that the real long …

rapid economic and productivity growth, surging corporate profitability, sustained business investment in many areas …

This paper revisits the issue of money growth versus the interest rate as the instrument of monetary policy. Using a … of inflation relative to money growth depends on whether the central bank follows a money growth rule or an interest rate … rule. With a money growth rule, inflation is not persistent and the price level is much more volatile than the money supply …

investment, lower short term interest rates make delay more desirable. These influences work against each other so the net effect … of stimulative monetary policy actions could go either way. This article outlines a simple investment decision rule that … or may not affect fixed investment. …

because of a change in its day-to-day behavior in money markets or the way it reacts to news about unemployment or real GDP …

Gavin and Kydland (1999) calculated the cyclical properties of money and prices for the periods before and after the … inflation, the lag from money growth to inflation, and lag from money growth to nominal GDP growth. Generally, the monetary …-correlations between money growth and inflation. …