There have always been fluctuations of production, employment, and prices in economic history. A lot of strenuous work and intellectual efforts have been put into the study of these fluctuations. Huge amounts of time series data have been collected and indicators have been compiled to determine...

Money supply targeting has come out of fashion. The large changes in velocity in some countries and the fact that inflation is still low in spite of the strong monetary expansion in most industrial economies since 1985 have undermined the formerly accepted notion of a stable relationship between...