The velocity of money: evidence for the U.K. 1911-1966
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.
|Date of creation:||Oct 1980|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Milton Friedman, 1959.
"The Demand for Money: Some Theoretical and Empirical Results,"
in: The Demand for Money: Some Theoretical and Empirical Results, pages 1-29
National Bureau of Economic Research, Inc.
- Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," Journal of Political Economy, University of Chicago Press, vol. 67, pages 327.
- Milton Friedman, 1959. "The Demand for Money: Some Theoretical and Empirical Results," NBER Books, National Bureau of Economic Research, Inc, number frie59-1, August.
- Graves, Philip E., 1976.
"Wealth and cash asset proportions,"
19912, University Library of Munich, Germany.
- Graves, Philip E., 1978.
"New evidence on income and the velocity of money,"
19899, University Library of Munich, Germany.
- Graves, Philip E., 1979.
"Relative Risk Aversion: Increasing or Decreasing?,"
Journal of Financial and Quantitative Analysis,
Cambridge University Press, vol. 14(02), pages 205-214, June.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:19900. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.