出版社：Institut für Volkswirtschaftslehre, Univ. Hohenheim
摘要：We turn our attention to the role of money for determining nominal
magnitudes. Using US data, we find that the aggregate “nominal output plus
and stock market capitalisation” is closely related to the money stock,
lending support to one of Milton Friedman’s key monetarist propositions. This
finding should be particularly important for ECB monetary policy: an
inflation-free euro plays a crucial role for European economic and political
integration. We conclude that monetary policy must keep a very close eye on
money supply if it wants to prevent consumer and asset price inflation.
