Stock Prices and Money Velocity: A Multi-Country Analysis
AbstractWhat kind of information do stock prices offer for predicting velocity? This paper develops previous work by Milton Friedman for the US economy and shows that a wealth effect derived from the stock market has negatively influenced the ratio of nominal income to a broad definition of money in a panel of 25 countries.
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Bibliographic InfoPaper provided by Banca Italia - Servizio di Studi in its series Papers with number 264.
Length: 63 pages
Date of creation: 1996
Date of revision:
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Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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STOCK MARKET; PRICES; MONEY; FINANCIAL MARKET;
Find related papers by JEL classification:
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
- G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
- G19 - Financial Economics - - General Financial Markets - - - Other
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