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Description
  • The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable along the balanced growth path, which features endogenous growth and decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such velocity volatility at both business cycle and long run frequencies.
  • The paper shows that US GDP velocity of M1 money has exhibited long cycles around a 1.25% per year upward trend, during the 1919-2004 period. It explains the velocity cycles through shocks constructed from a DSGE model and annual time series data (Ingram et al., 1994). Model velocity is stable along the balanced growth path, which features endogenous growth and decentralized banking that produces exchange credit. Positive shocks to credit productivity and money supply increase velocity, as money demand falls, while a positive goods productivity shock raises temporary output and velocity. The paper explains such velocity volatility at both business cycle and long run frequencies. (en)
Title
  • A banking explanation of the US velocity of money: 1919-2004
  • A banking explanation of the US velocity of money: 1919-2004 (en)
skos:prefLabel
  • A banking explanation of the US velocity of money: 1919-2004
  • A banking explanation of the US velocity of money: 1919-2004 (en)
skos:notation
  • RIV/00216208:11640/10:00342817!RIV11-MSM-11640___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • Z(MSM0021620846)
http://linked.open...iv/cisloPeriodika
  • 4
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 244468
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11640/10:00342817
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • volatility; business cycle; credit shocks (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...odStatuVydavatele
  • NL - Nizozemsko
http://linked.open...ontrolniKodProRIV
  • [BEC4D16347D2]
http://linked.open...i/riv/nazevZdroje
  • Journal of Economic Dynamics & Control
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...v/svazekPeriodika
  • 34
http://linked.open...iv/tvurceVysledku
  • Gillman, M.
  • Kejak, Michal
  • Benk, S.
http://linked.open...ain/vavai/riv/wos
  • 000277057900013
http://linked.open...n/vavai/riv/zamer
issn
  • 0165-1889
number of pages
http://localhost/t...ganizacniJednotka
  • 11640
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