An Equation of Exchange Taking into Account Different Periods of Production-Sale Cycles of Goods

It is given a deterministic dynamic equation of exchange taking into account existence of production-sale cycles with different periods. Obtained equation is strictly based on stock-flow consistent approach. The equation is a sort of law of money conservation. It is confirmed that Fisher's equation of exchange is valid only for stationary conditions when the flow of full costs on production does not dependent on time, leaving constant. Knowing the periods of production-sale cycles for each goods, the proposed equation allows estimating the volume of money needed to produce all goods in the economy and to buy them as well. Numerical example of calculation of money circulation is given