The article explores the relationship between the amount of money in circulation and the money held by banks in Australia from 1960 to 1979. The researchers looked at how changes in the financial system affected this relationship. They found that the stability of the money multiplier varied over time and with different measures of money and money base. The M2 money multiplier for the extended base was the most stable during the 60s and 70s. There was evidence of a causal effect on the money supply from changes in the money base, as well as feedback effects from the money stock to the money base. The researchers also noted some structural changes in the models for monetary aggregates during this period.