The vanishing role of money in the macro-economy: An empirical investigation for India

► Re-examination of the role of monetary aggregates in monetary policy formulation. ► Causality testing of role of monetary aggregates in influencing output and inflation. ► Causality tests exeuted across spectral frequency bands and wavelet time scales. ► Causality relations may vary across frequency bands and time scales. ► Monetary aggregates not irrelevant as leading indicators of output and inflation.