The relative stability of monetary velocity and the investment multiplier: a replication of the Friedman-Meiselman study

dc.contributor.authorComisarow, Carol A.en
dc.contributor.committeechairMeiselman, David I.en
dc.contributor.committeememberMackay, Robert J.en
dc.contributor.committeememberFurbush, S. Deanen
dc.contributor.departmentEconomicsen
dc.date.accessioned2014-03-14T21:32:14Zen
dc.date.adate2009-03-24en
dc.date.available2014-03-14T21:32:14Zen
dc.date.issued1990-10-05en
dc.date.rdate2009-03-24en
dc.date.sdate2009-03-24en
dc.description.abstractIn tests performed for the period 1897 to 1958, Milton Friedman and David Meiselman found that income velocity of circulation of money was consistently more stable than the investment multiplier except during the early years of the Great Depression. This paper replicates their test for the period 1959 to 1986. The results for this later period are consistent with the Friedman-Meiselman findings. The stock of money remains the more stable and consistent influence on consumption; autonomous expenditures do not influence consumption during any sub-period studied. The money stock remains far more critical than autonomous expenditures in explaining movements in consumption. The replication consists of a series of regression equations for consumption expenditures as a function of the stock of money and of autonomous expenditures. Data in both nominal and real terms are used. Data are lagged five quarters to test the effect on consumption.en
dc.description.degreeMaster of Artsen
dc.format.extentvi, 66 leavesen
dc.format.mediumBTDen
dc.format.mimetypeapplication/pdfen
dc.identifier.otheretd-03242009-040611en
dc.identifier.sourceurlhttp://scholar.lib.vt.edu/theses/available/etd-03242009-040611/en
dc.identifier.urihttp://hdl.handle.net/10919/41762en
dc.language.isoenen
dc.publisherVirginia Techen
dc.relation.haspartLD5655.V855_1990.C656.pdfen
dc.relation.isformatofOCLC# 23960105en
dc.rightsIn Copyrighten
dc.rights.urihttp://rightsstatements.org/vocab/InC/1.0/en
dc.subject.lccLD5655.V855 1990.C656en
dc.subject.lcshCircular velocity of moneyen
dc.subject.lcshMoney supplyen
dc.subject.lcshMultiplier (Economics)en
dc.titleThe relative stability of monetary velocity and the investment multiplier: a replication of the Friedman-Meiselman studyen
dc.typeThesisen
dc.type.dcmitypeTexten
thesis.degree.disciplineEconomicsen
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen
thesis.degree.levelmastersen
thesis.degree.nameMaster of Artsen
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