Capie, Forrest H; Mills, Terence C - In: The Manchester School of Economic & Social Studies 59 (1991) Supplement,, pp. 38-56
This paper examines the cyclical relationship between money and output for both the U.S. and U.K. during the years leading up to 1914. New data series for the U.S. output and U.K. money are used and a variety of time series techniques are employed. The results show that there is a strong...