Research output: Contribution to Journal/Magazine › Journal article › peer-review
Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - The velocity of money and the random walk hypothesis
AU - Macdonald, R.
AU - Peel, David
PY - 1986
Y1 - 1986
N2 - 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.
AB - 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.
U2 - 10.1016/0165-1765(86)90082-0
DO - 10.1016/0165-1765(86)90082-0
M3 - Journal article
VL - 20
SP - 63
EP - 66
JO - Economics Letters
JF - Economics Letters
SN - 0165-1765
IS - 1
ER -