This Economic Letter compares the historical predictive value of monetary aggregates in forecasting inflation in the United States and in the euro area.

In 1936-37, the Federal Reserve doubled the reserve requirements imposed on member banks. Ever since, the question of whether the doubling of reserve requirements increased reserve demand and produced a contraction of money and credit, and thereby helped to cause the recession of 1937-1938, has...

Thesis (PhDBusinessandManagement)--University of South Australia, 2004.