On the other hand, the relationship between M2+CDs and prices -- which along with real GDP make up nominal GDP -- has changed since the latter half of the 1980s, in the sense that fluctuations in prices have clearly diminished relative to those of M2+CDs.
BIS Review 70/2009  3  Now while the initial pick-up in output is coming from this inventory cycle running its course, that only lifts production to the level of demand, which remains lower than it was before. An ongoing rise in output will depend on demand starting to increase.