13 For more information on the Federal Reserve’s recent review of the Comprehensive Capital Analysis and Review (CCAR) program, see Daniel K. Tarullo (2016), “Next Steps in the Evolution of Stress Testing,” speech delivered at the Yale University School of Management Leaders Forum, New Haven, CT, September 26, www.federalreserve.gov/newsevents/speech/tarullo20160926a.htm.
•  The observed monetary data are contaminated by “noise” at higher frequencies and influenced by many other factors over the business cycle. These factors serve to blur the underlying relationship between money and prices when observed on a short-term basis.