Date of Original Version



Conference Proceeding

Abstract or Description

For almost two centuries economists have recognized that changes in the quantity of money have a delayed or lagged effect on wages, output, prices or gold flows. Recently there have been a number of attempts to measure some of the lags and to suggest the importance of the lags for monetary policy. I will make no attempt to summarize each of the many studies or to comment on the variety of procedures that have been used to generate particular estimates. Instead, I will discuss sons of the main conclusions and their relation to the problem of conducting monetary policy.


Paper prepared for the meeting with Board of Governors, Federal Reserve Systems March 3, 1966