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Vol. 77, No. 1
Posted 1995-01-01

Narrow Vs. Broad Measures of Money as Intermediate Targets: Some Forecast Results

by Michael J. Dueker

Measures of money have long been considered important links between monetary policy actions and the course of nominal spending and prices. The Federal Reserve, however, has recently de-emphasized monetary targets because the traditional monetary aggregates appeared to have unstable income velocities.

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