Macdonald, R. and Peel, David (1986) The velocity of money and the random walk hypothesis. Economics Letters, 20 (1). pp. 63-66. ISSN 0165-1765Full text not available from this repository.
In this note it is shown, using a simple money demand function and the assumption of rational expectations, that thevelocity of money may be expected to have a more complex time series representation than that proposed by other researchers. Thehypothesis is tested using quarterly U.K. data, over the period 1971 to 1982.
|Journal or Publication Title:||Economics Letters|
|Subjects:||H Social Sciences > HB Economic Theory|
|Departments:||Lancaster University Management School > Economics|
|Deposited On:||17 Jul 2012 14:52|
|Last Modified:||03 Nov 2015 16:09|
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