You should've thrown this quote from the paper in with the post. LOLFML...
"It is commonplace today for monetary policy analysis, both in theory and practice, to be conducted without reference to the monetary base or other monetary aggregates."
A group of rogue economists at the fed decided to figure out how much cash had been shoveled out the window, just in case it might've been piling up. And they did it in the most polite, we're not pointing fingers, kind of way by measuring M-0, which, to quote wikipedia is the "narrow money supply." Even better, "The monetary base is called high-powered because an increase in the monetary base (M0) can result in a much larger increase in the supply of bank money." They stopped publishing M-3 in 2006, because it already looked like this.
I guess the easiest way to think about this is that it's like measuring the height of a grizzly when it's on all fours. You still have no idea how much it's going to suck when you come face to face.
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