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The velocity of money: evidence for the U.K. 1911-1966

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  • Graves, Philip E.

Abstract

This paper presents secular evidence on the income velocity of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non-traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support. Indeed, income elasticities of demand for M2 balances of .3 to .45 are observed, elasticities much smaller than previously thought.

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File URL: http://mpra.ub.uni-muenchen.de/19900/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 19900.

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Date of creation: Oct 1980
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Handle: RePEc:pra:mprapa:19900

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Keywords: Money demand; velocity of money; income elasticity of money balances;

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  1. Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," NBER Books, National Bureau of Economic Research, Inc, number frie59-1, May.
  2. Graves, Philip E, 1978. "New Evidence on Income and the Velocity of Money," Economic Inquiry, Western Economic Association International, vol. 16(1), pages 53-68, January.
  3. Graves, Philip E., 1979. "Relative risk aversion: increasing or decreasing?," MPRA Paper 19909, University Library of Munich, Germany.
  4. Graves, Philip E., 1976. "Wealth and cash asset proportions," MPRA Paper 19912, University Library of Munich, Germany.
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