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Journal Article

Has the long-run velocity of M2 shifted? Evidence from the P* model


Abstract: An examination of one of the P-Star model's primary assumptions: the constancy of M2's long-run velocity, or V-Star. Using actual data through the end of 1992, the authors find that simulations of the model under a variety of hypotheses regarding changes in V-Star provide little support for a dramatic shift in that measure.

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Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Review

Publication Date: 1993

Volume: 29

Issue: Q I

Pages: 14-26