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The Mathematical Decomposition of the Transactions Velocity of Money

  • Hakun Kim
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    This paper is an attempt to decompose the average transactions velocity of money into two or more individual velocities. When the economy-wide velocity is expressed as a weighted average of two disaggregated velocities, this provides an equation with two unknowns. The additional equation can be created from the concept of two versions of the exchange equations; the Fisherian and Cambridge equation. The former represents the Fisherian problem, while the latter the Marshallian problem. Their integration furnishes us with the second equation to solve the system

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    Paper provided by Econometric Society in its series Econometric Society 2004 Far Eastern Meetings with number 550.

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    Date of creation: 11 Aug 2004
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    Handle: RePEc:ecm:feam04:550
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    1. Thomas M. Humphrey, 1993. "The origins of velocity functions," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-18.
    2. Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 51-144.
    3. Peter N. Ireland, 1991. "Financial evolution and the long-run behavior of velocity : new evidence from U.S. regional data," Economic Review, Federal Reserve Bank of Richmond, issue Nov, pages 16-26.
    4. Davidson, Paul, 1997. "Are Grains of Sand in the Wheels of International Finance Sufficient to Do the Job When Boulders Are Often Required?," Economic Journal, Royal Economic Society, vol. 107(442), pages 671-86, May.
    5. John A. Weinberg, 1994. "Selling Federal Reserve payment services: one price fits all?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Fall, pages 1-24.
    6. Paul F. McGouldrick, 1962. "A sectoral analysis of velocity," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Dec, pages 1557-1570.
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