Abstract
In this chapter we consider the cyclical behaviour of the money supply. Throughout the chapter, M denotes the money stock, and ϒ national income at current prices (‘money income’ or ‘nominal income’ for short). ‘Velocity’ V, or more correctly the income velocity of money, is simply defined to be the ratio of ϒ to M; it is not a concept implying a particular view of the world.
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© 1974 Nicholas Rau
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Rau, N. (1974). Monetary Aspects. In: Trade Cycles: Theory and Evidence. Macmillan Studies in Economics. Palgrave, London. https://doi.org/10.1007/978-1-349-02051-5_5
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DOI: https://doi.org/10.1007/978-1-349-02051-5_5
Publisher Name: Palgrave, London
Print ISBN: 978-0-333-15241-6
Online ISBN: 978-1-349-02051-5
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