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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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Suggested Citation

  • Graves, Philip E, 1980. "The Velocity of Money: Evidence for the U.K., 1911-1966," Economic Inquiry, Western Economic Association International, vol. 18(4), pages 631-639, October.
    • Handle: RePEc:oup:ecinqu:v:18:y:1980:i:4:p:631-39
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    JEL classification:

    • E0 - Macroeconomics and Monetary Economics - - General
    • A1 - General Economics and Teaching - - General Economics
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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