Prudent risk managers are probably aware of this limitation in their models--more aware now than they were before the LTCM crisis, perhaps--and all risk managers should try to manage this risk as best they can. Unfortunately, there are no easy ways to account for it in a typical risk model.
Our view is supported by the strong empirical link between money growth and inflation over the long-run and by theoretical considerations relating to the ability of monetary and credit aggregates to point at imbalances in the financial system and inflationary risks.