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Economic Review

Sep/Oct, 1992

How Useful Is M2 Today?

Robert L. Hetzel

One of the most difficult aspects of formulating monetary policy is assessing the impact of policy actions on the public's dollar spending. Historically, the behavior of M2 has offered considerable information about the impact of monetary policy on dollar spending. It appears likely that M2 will continue to offer useful information to the policymaker.

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