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BPEA Article

Some Problems of Money Demand

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Abstract

THE CURRENT ECONOMIC upturn has been characterized by unusually low
rates of money growth relative to the increase in nominal gross national
product. Even more surprising, the unusual rise in velocity has occurred
while short-term interest rates have remained largely unchanged or even
fallen slightly (see table 1).

Authors

J

John Paulus

Staff, Board of Governors of the Federal Reserve System

L

Lewis Johnson

Staff, Board of Governors of the Federal Reserve System

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