Monetary Trends in the United States and the United Kingdom: Their Relations to Income, Prices, and Interest Rates
The special task of this book is to present a statistical and theoretical analysis of the relation between the quantity of money and other key economic magnitudes over periods longer than those dominated by cyclical fluctuations-hence the term trends in the title. This book is not restricted to the United States but includes comparable data for the United Kingdom.
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Principal Empirical Findings
1 Scope of the Study
2 The General Theoretical Framework
3 The General Statistical Framework
4 The Basic Data
5 Movements of Money Income and Prices
6 Velocity and the Demand for Money
7 Velocity and the Interrelations between the United States and the United Kingdom
8 Monetary Influences on Nominal Income
adjustment analysis anticipated capita income change in nominal chapter chart coefficients countries cyclical demand for money difference Economic equation estimates exchange rate expectations Fisher higher income elasticity inflation interwar period Irving Fisher Keynes Keynesian liquidity preference long swings Milton Friedman monetary change monetary growth money and income money balances money demanded money stock movements nominal assets nominal income nominal interest rates nominal money nominal yield nonwar phases other-country percent percentage point phase averages Phillips curve physical assets post-World postwar pre-World price change price level prices and output quantity of money quantity theory rate of change rate of monetary rate of price ratio Rational Expectations real income real per capita real yield reflects regressions relation rise serial correlation shift short-term slope standard error statistical tion trend United Kingdom unity variables velocity World War II yield on physical yields on nominal zero