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Brad DeLong has a great

July 26th, 2002

Brad DeLong has a great piece on Vulgar Monetarism. He makes a good case that money supply measures aren’t any use as a guide to the stance of monetary policy. I must say, though, that when I look at those graphs of M2 and M3, I wonder if the inflationary consequences of monetary expansion can be staved off forever.

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