Monetary Policy Lessons of recent Inflation and Disinflation
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The decline of velocity in the 1980s is a surprise that should not have been. Economists unwisely relied on a velocity trend of 3 percent per year when they should have insisted on an economic explanation for rising velocity. An analysis of velocity and interest rates from 1915 to 1986 suggests that
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美国国家经济研究局创建时间：
1987-06-01
