Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986
AbstractThis paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.
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Bibliographic InfoPaper provided by Wilfrid Laurier University, Department of Economics in its series Working Papers with number 91150.
Length: 47 pages
Date of creation: 1991
Date of revision:
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income ; interest rate ; behaviour ; monetary policy;
Other versions of this item:
- Siklos, Pierre L, 1993. "Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 25(3), pages 377-92, August.
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