The paper functionally describes the income velocity of money by including the cost of a key substitute to money: exchange credit. Financial innovation causes the cost of credit to fall, the quantity of money demanded to fall, and the velocity to rise, all without shifting the money demand function.
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Length: 35 pages Date of creation: 1996 Date of revision: Handle: RePEc:mlb:wpaper:515
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Find related papers by JEL classification: E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System E49 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Other
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