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The velocity of money and the random walk hypothesis

Research output: Contribution to Journal/MagazineJournal articlepeer-review

<mark>Journal publication date</mark>1986
<mark>Journal</mark>Economics Letters
Issue number1
Number of pages4
Pages (from-to)63-66
Publication StatusPublished
<mark>Original language</mark>English


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.