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Economic Commentary

Does The Fed Cause Christmas?

The casual observer, noting that money and output are frequently correlated, might assume that there is a causal relationship between the two. A closer look at the evidence suggests otherwise.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Carlstrom, Charles T., and Edward Gamber. 1990. “Does The Fed Cause Christmas?” Federal Reserve Bank of Cleveland, Economic Commentary 1/1/1990.