That’s a remark by Steven Kopits.

Determine 1: M2 in billions, seasonally adjusted, on log scale (blue). Supply: Federal Reserve by way of FRED.

• Reject unit root null (intercept) at 10% utilizing ADF: No,
• Reject unit root null (intercept, development) at 10% utilizing ADF: No
• Reject unit root null (intercept) at 10% utilizing DF-Elliott-Rothenberg-Inventory: No
• Reject unit root null (intercept, development) at 10% utilizing DF-Elliot-Rothenberg-Inventory: No
• Reject imply stationary null at 1% utilizing KPSS: Sure
• Reject development stationary null at 1% utilizing KPSS: Sure

If there was a debate of this kind, I missed the conclusion that Mr. Kopits refers to (in addition to the overall consensus of the economics occupation).

Perhaps he meant velocity (M2):

Determine 2: Velocity for M2. Supply: Federal Reserve, BEA by way of FRED, and creator’s calculations.

• Reject unit root null (intercept) at 10% utilizing ADF: No,
• Reject unit root null (intercept, development) at 10% utilizing ADF: No
• Reject unit root null (intercept) at 10% utilizing DF-Elliott-Rothenberg-Inventory: No
• Reject unit root null (intercept, development) at 10% utilizing DF-Elliot-Rothenberg-Inventory: No
• Reject imply stationary null at 1% utilizing KPSS: Sure
• Reject development stationary null at 1% utilizing KPSS: Sure