The remarkable stability of monetary base velocity in the United States, 1919-1999

Richard Anderson () and Robert Rasche

No 2001-008, Working Papers from Federal Reserve Bank of St. Louis

Abstract: This analysis examines the long-run demand for the adjusted monetary base in the United States, 1919-1999. When the \"price\"of the base is measured by the inverse of the yield on long-term, high-quality corporate bonds and an appropriate functional form is selected, the quantity of base money demanded is found to be a stable function \"...of a small number of variables.\"

Keywords: Money supply; Bank reserves; Velocity of money (search for similar items in EconPapers)
Date: 2001
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DOI: 10.20955/wp.2001.008

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