The Behavior of Monetary Aggregates in Major Industrialized Countries.

This article examines impact that monetary aggregates have had in major industrialized countries while focusing specifically on Great Britain and Switzerland. The authors investigate factors that produced monetary growth in these countries and discuss some of the resulting policy implications. They examine some of the structural differences in the economies of the two countries that have resulted in different forms of growth. Their findings indicate that interest rates play an important role in determining the behavior of narrow and broad monetary growth.