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Economic Commentary

Money Growth and Inflation: How Long is the Long-Run?

The growth rate of the money supply currently receives little attention in the conduct of monetary policy. While guarding against rising inflation is one of the Federal Reserve’s primary objectives, the Fed has found the short-run relationship between money growth and inflation too unreliable for money growth to merit much attention.

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 clevelandfed.org for updates.

Suggested Citation

Fitzgerald, Terry J. 1999. “Money Growth and Inflation: How Long is the Long-Run?” Federal Reserve Bank of Cleveland, Economic Commentary 8/1/1999.

This work by Federal Reserve Bank of Cleveland is licensed under Creative Commons Attribution-NonCommercial 4.0 International