In this article, I use band-pass filters to investigate the short-run relationship between money growth and interest rates. I find a negative correlation between short-run movements in money growth and interest rates, which I interpret as evidence that the liquidity effect dominates the anticipated inflation effect.
No takes yet. Share an insight, caveat, or question.
John H. Cochrane (1989) studied this question.
Synapse has enriched 3 closely related papers on similar clinical questions. Consider them for comparative context: