Demand for Money : An Analysis of the Long-run Behavior of the Velocity of Circulation

ISBN-13: 9780765809612 / Angielski / Miękka / 2003 / 208 str.

Michael D. Bordo; Lars Jonung

Opis

The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period. Why the magnitude of that ratio has changed over time is the subject of Michael D. Bordo and Lars Jonung's classic study. Supported by statistical data, econometric estimation techniques, and meticulous historical analysis, this work describes, in an international setting, how slow-moving economic, social, and political forces interact with the decisions households and fi rms make about how much money to hold.

Spis treści

Introduction; Evidence and theories of the long-run behavior of velocity; The institutional approach; The institutional approach: The long-run econometric evidence; Monetization and the behavior of velocity in Sweden, 1871-1913; The global evidence since the 1950s; The stochastic properties of velocity: Evidence for five countries; Conclusions and implications

O autorze

Lars Jonung