POST-1973 ECONOMIC EVENTS call into question conventional wisdom concerning the
stability of money demand. Much effort has been expended to rationalize these events. One …

STUDIES OF MONEY DEMAND IN THE UNITED STATES published during the last decade
have not provided overwhelming support for the hypothesis that real money balances are …

States, the Federal Reserve conducts monetary policy to promote two long-run goals: price
stability and sustainable economic growth. In many other countries, central banks have a …

The paper surveys the two major episodes of instability of the US money demand function
known respectively as 'the mystery of missing money'and 'the great velocity decline'. It also …

Popular wisdom informs us that one of the prime victims of the American financial
deregulation of the last decade has been the demand for money function. While there is …

This study reexamines the Friedman hypothesis that money growth volatility has caused the
recent puzzling behavior of the US money velocity. While some empirical studies reported …

Making economic policy typically requires positive as well as ethical judgments. Any kind of
public policy inevitably involves fundamental presumptions that classify some aspects of …

Standard explanations of the seeming instability of the money demand in the post-1973
period usually link to stories about financial innovation and deregulation. I propose an …

What is crucial for the influence of money on economic activity is the stability of velocity and
not the volatility of velocity. This article examines whether or not velocity has become more …

The relation between money and the economy during the 1980s has caused many
economists to reassess their position on the desirability of using the money supply to guide …