Has the long-run velocity of M2 shifted? Evidence from the P* model

Richard Anderson () and Jeffrey J. Hallman

Economic Review, 1993, vol. 29, issue Q I, 14-26

Abstract: An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.

Date: 1993
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