William Barnett
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Bubbles and Broad Monetary Aggregates: Toward a Consensus Approach to Business Cycles
A challenge for quantity-theoretic explanations of business cycles is that recessions manifest despite central banks’ scrupulousness to avoid falls in monetary aggregates, a fact which would seem to indicate a structural explanation. This paper argues that a broader and theoretically richer Divisia aggregate – which reflects changes in financial market . . .