Garratt, Anthony; Koop, Gary; Mise, Emi; Vahey, Shaun P - Birkbeck, Department of Economics, Mathematics & Statistics - 2007
A popular account for the demise of the UK monetary targeting regime in the 1980s blames the weak predictive relationships between broad money and inflation and real output. In this paper, we investigate these relationships using a variety of monetary aggregates which were used as intermediate...