whether money growth Granger-causes output growth in the United States. We find surprisingly strong evidence for a money … Great moderation, the Granger-causal role of money appears to have vanished completely. …

While the long run relation between money and inflation is well established, empirical evidence on the adjustment to … substantially expands the traditional vector error correction approach, to analyze the short run impact of money on prices. We … contribute to the literature in three ways: First, we distinguish changes in velocity of money that are due to institutional …

In the canonical monetary policy model, money is endogenous to the optimal path for interest rates and output. But when … liquidity provision by banks dominates the demand for transactions money from the real economy, money is likely to contain … information for future output and inflation because of its impact on financial spreads. And so we decompose broad money into …