Readings in Money and Banking |
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Page 132
... Growth Rates of Real Output and Velocity : II / 1954 - IV / 1981 3.4 % Country M1 P V x United States 4.5 % 4.5 % 3.4 % Germany1 7.9 4.4 0.5 3.7 Japan2 15.3 5.6 -0.5 8.2 United Kingdom3 8.8 10.3 4.0 Canada 6.9 5.2 3.4 2.1 4.6 ' Data ...
... Growth Rates of Real Output and Velocity : II / 1954 - IV / 1981 3.4 % Country M1 P V x United States 4.5 % 4.5 % 3.4 % Germany1 7.9 4.4 0.5 3.7 Japan2 15.3 5.6 -0.5 8.2 United Kingdom3 8.8 10.3 4.0 Canada 6.9 5.2 3.4 2.1 4.6 ' Data ...
Page 134
... Growth Rate Shifts Policymakers also must distinguish between changes in the levels of velocity and changes in its growth rate ; the policy response will be different in the two cases . To illustrate this , consider the cases de- picted ...
... Growth Rate Shifts Policymakers also must distinguish between changes in the levels of velocity and changes in its growth rate ; the policy response will be different in the two cases . To illustrate this , consider the cases de- picted ...
Page 136
... growth affects nominal income with a lag that is distributed over several quarters . Thus , an acceleration in money growth will produce a tempo- rary decline in velocity as nominal output temporarily grows at a slower rate than does ...
... growth affects nominal income with a lag that is distributed over several quarters . Thus , an acceleration in money growth will produce a tempo- rary decline in velocity as nominal output temporarily grows at a slower rate than does ...
Contents
Why Bother? | 3 |
The Theory of Money | 12 |
The Evolution of | 23 |
Copyright | |
18 other sections not shown
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assets balance bank failures bank notes Bank of England bank's bankers banking crises banking panics banking system bonds borrow branch banking capital cash central bank changes charter circulation clearinghouse commercial banks commodity money costs countries crisis currency demand deposits deposit insurance depositors discount dollar economic economists effect excess demand exchange Federal Reserve Bank Federal Reserve System fractional-reserve banking free banking funds George Selgin gold standard growth rate History income increase inflation inside money institutions interest rates investment last resort lender of last liabilities loans losses ment Milton Friedman monetary authority monetary policy money supply national banks natural rate note issue noteholders operations payments percent period price level price of gold production profits purchasing power rate of interest real output real rate redeem regulation reserve requirements restrictions rise rule securities stability theory thrifts tion trade trend United value of money velocity wages wildcat banking York