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Federal Reserve Bank of Minneapolis
Quarterly Review
Some monetary facts
George T. McCandless
Warren E. Weber

This article describes three long-run monetary facts derived by examining data for 110 countries over a 30-year period, using three definitions of a country's money supply and two subsamples of countries: (1) Growth rates of the money supply and the general price level are highly correlated for all three money definitions, for the full sample of countries, and for both subsamples. (2) The growth rates of money and real output are not correlated, except for a subsample of countries in the Organisation for Economic Co-operation and Development, where these growth rates are positively correlated. (3) The rate of inflation and the growth rate of real output are essentially uncorrelated. ; Reprinted in Quarterly Review, Fall 2001 (v. 25, no. 4)

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George T. McCandless & Warren E. Weber, "Some monetary facts" , Federal Reserve Bank of Minneapolis, Quarterly Review, issue Sum, pages 2-11, 1995.
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Keywords: Money supply ; Monetary theory
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