Monetary Policy and Economic Growth
Although most economists will concede that monetary policy can affect real economic growth over the short run, many caution against attempting to manage business cycles through policy manipulation. Indeed, in most large industrial countries, faster money growth seems to precede faster economic growth by one year.
Suggested citation: “Monetary Policy and Economic Growth,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-02, pp. 19, 02.01.1997.