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Stock Prices and Money Velocity: A Multi-Country Analysis

Author

Listed:
  • Caruso, M.

Abstract

What kind of information do stock prices offer for predicting velocity? This paper develops previous work by Milton Friedman for the US economy and shows that a wealth effect derived from the stock market has negatively influenced the ratio of nominal income to a broad definition of money in a panel of 25 countries.

Suggested Citation

  • Caruso, M., 1996. "Stock Prices and Money Velocity: A Multi-Country Analysis," Papers 264, Banca Italia - Servizio di Studi.
  • Handle: RePEc:fth:banita:264
    as

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    More about this item

    Keywords

    STOCK MARKET; PRICES; MONEY; FINANCIAL MARKET;

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G19 - Financial Economics - - General Financial Markets - - - Other

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