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The remarkable stability of monetary base velocity in the United States, 1919-1999

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Author Info
Richard G. Anderson
Robert H. Rasche

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Abstract

This analysis examines the long-run demand for the adjusted monetary base in the United States, 1919-1999. When the "price"of the base is measured by the inverse of the yield on long-term, high-quality corporate bonds and an appropriate functional form is selected, the quantity of base money demanded is found to be a stable function "...of a small number of variables."

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Publisher Info
Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 2001-008.

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Date of creation: 2001
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Handle: RePEc:fip:fedlwp:2001-008

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Related research
Keywords: Money supply ; Bank reserves ; Velocity of money;

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Cited by:
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  1. Peter N. Ireland, 2008. "On the Welfare Cost of Inflation and the Recent Behavior of Money Demand," NBER Working Papers 14098, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Edward Nelson, 2004. "The Great Inflation of the seventies: what really happened?," Working Papers 2004-001, Federal Reserve Bank of St. Louis. [Downloadable!]
    Other versions:
  3. William Poole & Robert H. Rasche & David C. Wheelock, 2008. "The great inflation: did the shadow know better?," Working Papers 2008-032, Federal Reserve Bank of St. Louis. [Downloadable!]
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This page was last updated on 2009-10-30.

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