The article focuses on the magnitude of the response of gross national products, output, and the price level to changes in the money stock, defined as currency plus private checkable deposits. The magnitudes of these responses are derived by estimating reduced-form equations, that is, equations in which observations of the rates of change of economic variables are regressed on current and lagged values of the rate of change of money and other suitably chosen exogenous variables. The sum of the coefficients on the money variable is interpreted as a measure of the magnitude of the response during the sample period from which the observations are drawn.