6.The relationship of monetary aggregates and output is highly variable. 7.Long-term interest rates are less volatile than short- term interest rates. 8.Short-term interest rates are almost always positively correlated with output. 9.Long-term interest rates are have a negative or zero correlation with output. 10. Prices levels are procyclical. 11. Employment is as variable as output,and positively correlated. 12. Productivity is less volatile than output 电子科大经管学院马捷6. The relationship of monetary aggregates and output is highly variable. 7. Long-term interest rates are less volatile than short￾term interest rates. 8. Short-term interest rates are almost always positively correlated with output. 9. Long-term interest rates are have a negative or zero correlation with output. 10. Prices levels are procyclical. 11. Employment is as variable as output, and positively correlated. 12. Productivity is less volatile than output. 电子科大经管学院 马捷 4