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The purpose of this paper is to describe and interpret some empirical regularities in the movements of money's income velocity of circulation in major industrial countries. The results offer support… (More)
Central banks have an important potential role in stabilising the economic activity of modern economies. Exactly what the role entails, however, is a matter of debate. Whether monetary authorities… (More)
Two distinct models of rational economic behaviour may be useful in explaining an apparent change in the relationship between short-term US interest rates and the US money supply. These models are… (More)
From the middle of 1974 to the early part of 1975 both the US monetary aggre-gates and estimates of real, short-term interest rates show that US monetary policy was tight. Monetary conditions eased… (More)