The Long and Unfinished Road to Friedman and Meiselman’s “The Relative Stability of Monetary Velocity and the Investment Multiplier”

George Tavlas

No vq4ht, SocArXiv from Center for Open Science

Abstract: Milton Friedman and David Meiselman’s 1963 article “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States, 1897-1958,” was one of the most influential studies to come out of the Keynesian-monetarist debates of the 1960s and 1970s. The gestation of the article, however, is shrouded with considerable inaccuracy and ambiguity. I use archival materials to provide a more accurate chronological ordering of the gestation of the article than has hitherto been available. I show that the gestation was subject to considerable delays. I provide reasons that explain why a long-promised follow-up paper was never completed and why a book sequel to Friedman’s 1956 Studies in the Quantity Theory of Money, planned as a co-edited work shortly after the appearance of the Friedman and Meiselman 1963 article, was not published until 1970 and was edited by Meiselman alone.

Date: 2024-01-26
New Economics Papers: this item is included in nep-ban, nep-his, nep-hpe and nep-mon
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Related works:
Journal Article: THE LONG AND UNFINISHED ROAD TO FRIEDMAN AND MEISELMAN’S “THE RELATIVE STABILITY OF MONETARY VELOCITY AND THE INVESTMENT MULTIPLIER” (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:vq4ht

DOI: 10.31219/osf.io/vq4ht

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