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The velocity of money: evidence for the U.K. 1911-1966.

Graves, Philip E. (1980): The velocity of money: evidence for the U.K. 1911-1966. Published in: Economic Inquiry , Vol. 18, No. 4 : pp. 631-639.

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Abstract

This paper presents secular evidence on the income velocity of money balances. Under a variety of specifications and statistical techniques, employed on both traditional and non-traditional variables, the Friedman assertion that money is a superior good is found to lack empirical support. Indeed, income elasticities of demand for M2 balances of .3 to .45 are observed, elasticities much smaller than previously thought.

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