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The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
Edition 4ISBN: 978-0133859997The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
Edition 4ISBN: 978-0133859997 Exercise 4
Suppose a researcher discovers that a measure of the total amount of debt in the U.S. economy over the past twenty years was a better predictor of inflation and the business cycle than M1 or M2. Does Lhis discovery mean that we should define money as equal to the total amount of debt in the economy?
Explanation
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It is not correct to define money as equ...
The Economics of Money, Banking and Financial Markets 4th Edition by Frederic Mishkin
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