Interest Rates and Money in the Measurement of Monetary Policy
货币政策测度中的利率与货币
Over the last twenty-five years, a set of influential studies has placed interest rates at the heart of analyses that interpret and evaluate monetary policies.In light of this work, the Federal Reserve's recent policy of "quantitative easing," with its goal of affecting the supply of liquid assets, appears to be a radical break from standard practice.Alternatively, one could posit that the monetary aggregates, when measured properly, never lost their ability to explain…