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Working Paper

A Different Kind of Money Illusion: The Case of Long and Variable Lags

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An analysis of how the money supply process can affect the cross-covariance structure of inflation and monetary growth, showing that the Federal Reserve’s change in emphasis to monetary targeting in late 1979 could have made the apparently long lag from money growth to inflation virtually disappear in the 1980s.
12.01.1991ISSN 2573-7953 WP 91-22DOI 10.26509/frbc-wp-199122

Working Papers of the Federal Reserve Bank of Cleveland are preliminary materials circulated to stimulate discussion and critical comment on research in progress. They may not have been subject to the formal editorial review accorded official Federal Reserve Bank of Cleveland publications. The views expressed in this paper are those of the authors and do not represent the views of the Federal Reserve Bank of Cleveland or the Federal Reserve System.

Suggested Citation

Bryan, Michael F., and William T. Gavin. 1991. “A Different Kind of Money Illusion: The Case of Long and Variable Lags.” Federal Reserve Bank of Cleveland, Working Paper No. 91-22. https://doi.org/10.26509/frbc-wp-199122