In the 1970s, a common practice was to estimate a distributed lag model relating changes in nominal
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In the 1970s, a common practice was to estimate a distributed lag model relating changes in nominal GDP \((Y)\) to current and past changes in the money supply \((X)\). Under what assumptions will this regression estimate the causal effects of money on nominal GDP? Are these assumptions likely to be satisfied in a modern economy like that of the United States?
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