11. Suppose that a researcher discovers that a measure of the total amount of debt in the...
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11. Suppose that a researcher discovers that a measure of the total amount of debt in the U.S. economy over the past twenty years was a better predictor of inflation and the business cycle than M1 or M2. Does this discovery mean that we should define money as equal to the total amount of debt in the economy?
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Related Book For 
The Economics Of Money Banking And Financial Markets
ISBN: 9780321598905
9th Edition
Authors: Frederic S. Mishkin
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