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Demand for Money - An Analysis of the Long-run Behavior of the Velocity of Circulation (Hardcover)
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Demand for Money - An Analysis of the Long-run Behavior of the Velocity of Circulation (Hardcover)
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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,
originally published as The Long-Run Behavior of the Velocity of
Circulation. 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 firms make about how much money to hold. Annual time series of
velocity for several countries from the late nineteenth century to
the late twentieth century display a U-shaped pattern. Existing
theories can explain each section of the velocity curve-the
falling, flat, and rising parts-but the overall pattern is not
consistent with any one theory. Here the authors put forth a
comprehensive explanation for this behavior over time. Their theory
is largely an extension of the approach of Knut Wicksell, the
Swedish economist who stressed the role of substitution between
monetary assets. This approach, which emphasizes institutional
variables, is incorporated into the arguments for the traditional
long-run money demand (velocity) function. Four types of empirical
evidence strongly support the authors' theory: econometric studies
of the long-run velocity function for several countries; a cross
section study of approximately eighty countries in the postwar
period; a case study of the Swedish monetization process in the
fifty years before World War I; and an examination of the time
series properties of velocity. Demand for Money suggests that
institutional factors, as opposed to real income, play a greater
role in velocity than previously thought. And these institutional
factors have a major impact on monetary policy. This is a book that
will prove of great value to economists, monetary strategists, and
policymakers.
General
Imprint: |
Routledge
|
Country of origin: |
United Kingdom |
Release date: |
September 2017 |
First published: |
2004 |
Authors: |
Lars Jonung
|
Dimensions: |
229 x 152mm (L x W) |
Format: |
Hardcover
|
Pages: |
181 |
ISBN-13: |
978-1-138-52210-7 |
Categories: |
Books >
Business & Economics >
Economics >
General
|
LSN: |
1-138-52210-4 |
Barcode: |
9781138522107 |
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