The velocity of money: evidence for the U.K. 1911-1966

Philip Graves ()

MPRA Paper from University Library of Munich, Germany

Abstract: 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.

Keywords: Money demand; velocity of money; income elasticity of money balances (search for similar items in EconPapers)
JEL-codes: A1 E0 E4 E41 (search for similar items in EconPapers)
Date: 1980-10
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Related works:
Journal Article: The Velocity of Money: Evidence for the U.K., 1911-1966 (1980)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:19900

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