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