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

By Lars Jonung
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$65.99
By Lars Jonung
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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 histo...

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