Lars Jonung
Professor emeritus
The Long Run Behavior of the Income Velocity of Money in Five Advanced Countries, 1870-1976 : An Institutional Approach
Författare
Summary, in English
The income velocity of money in Canada, the United States, Great Britain, Norway and Sweden displays a U-shaped pattern over the last one hundred years. This paper presents and tests empirically an explanation for this secular pattern emphasizing the influence on velocity of institutional changes. The inclusion into a simple velocity function of institutional developments such as the process of monetization, the spread of commercial banking, financial development and the growth of economic stability improves the explanation of long-run movements in velocity provided by a regression of velocity on real permanent income per head and the interest rate.
Avdelning/ar
- Nationalekonomiska institutionen
Publiceringsår
1981-01
Språk
Engelska
Sidor
96-116
Publikation/Tidskrift/Serie
Economic Inquiry
Volym
19
Issue
1
Länkar
Dokumenttyp
Artikel i tidskrift
Förlag
Wiley-Blackwell
Ämne
- Economic History
Status
Published
ISBN/ISSN/Övrigt
- ISSN: 1465-7295