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Has the long-run velocity of M2 shifted? Evidence from the P* model

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  • Jeffrey J. Hallman
  • Richard G. Anderson

Abstract

An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.

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File URL: http://www.clevelandfed.org/Research/Review/1993/93-q1-hallman.pdf
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Bibliographic Info

Article provided by Federal Reserve Bank of Cleveland in its journal Economic Review.

Volume (Year): (1993)
Issue (Month): Q I ()
Pages: 14-26

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Handle: RePEc:fip:fedcer:y:1993:i:qi:p:14-26:n:v.29no.1

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Keywords: Inflation (Finance) ; Money supply ; Velocity of money;

References

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  1. William G. Dewald, 1988. "Monetarism is dead; long live the quantity theory," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 3-18.
  2. Kenneth N. Kuttner, 1990. "Inflation and the growth rate of money," Economic Perspectives, Federal Reserve Bank of Chicago, issue Jan, pages 2-11.
  3. R.A. Pecchenino & Robert H. Rasche, 1990. "P* Type Models: Evaluation and Forecasts," NBER Working Papers 3406, National Bureau of Economic Research, Inc.
  4. Joshua N. Feinman & Richard D. Porter, 1992. "The continuing weakness in the M2," Finance and Economics Discussion Series 209, Board of Governors of the Federal Reserve System (U.S.).
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Cited by:
  1. Carlos A. Rodríguez Ramos, 2003. "The P* model as a general identity to analyze and forecast the behavior of the inflation rate in the economy of Puerto Rico," EERI Research Paper Series EERI_RP_2003_06, Economics and Econometrics Research Institute (EERI), Brussels.
  2. Rodríguez, Carlos A., 2004. "A P* Model of Inflation in Puerto Rico," MPRA Paper 41278, University Library of Munich, Germany.
  3. Carlos A. Rodríguez Ramos, 2003. "The P* model as a general identity to analyze and forecast the behavior of the inflation rate in the economy of Puerto Rico," Econometrics 0302002, EconWPA.

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