The importance of monetary aggregates
This ECB working paper presents a strong argument in favour of using monetary aggregates as an analytical tool for predicting future inflation.
The author of the paper, which will be published in the forthcoming Journal of Monetary Economics, Samuel Reynard, argues that his analysis of historic data for the US, the euro area and Switzerland "reveals drawbacks in pursuing a low inflation target without considering monetary aggregates."
The issue of the usefulness of monetary aggregates in the
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