Robert Leeson, Those of us who keep track of recent empirical work realize that the empirical relationship between the supply of money and the price level, indeed between the supply of money and nominal GDP, more or less broke down in the 1980s in the US and much of the rest of the world. Even Milton Friedman accepted that this was the case last summer before he died, and it has been some time since any central bank targeted money supply as a serious policy variable. Rather they pretty much all focus on Keynes's variable, the rate of interest. Barkley Rosser