Define money as equal to the total amount of debt in economy

Reference no: EM13233084

suppose that a researcher discovers that a measure of the total amount of debt in the U.S economy over the past 20 years was a better predictor of inflation and the business cycle than M1 or M2. does this discovery mean that we should define money as equal to the total amount of debt in the economy?

Reference no: EM13233084

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