Has the long-run velocity of M2 shifted? Evidence from the P* model
An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.
Volume (Year): (1993)
Issue (Month): Q I ()
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- Joshua N. Feinman & Richard D. Porter, 1992. "The continuing weakness in the M2," Finance and Economics Discussion Series 209, Board of Governors of the Federal Reserve System (U.S.).
- William G. Dewald, 1988. "Monetarism is dead; long live the quantity theory," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 3-18.
- Kenneth N. Kuttner, 1990. "Inflation and the growth rate of money," Economic Perspectives, Federal Reserve Bank of Chicago, issue Jan, pages 2-11.
- Pecchenino, R. A. & Rasche, Robert H., 1990.
"P* type models: Evaluation and forecasts,"
International Journal of Forecasting,
Elsevier, vol. 6(3), pages 421-440, October.
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