Benk, Szilárd (contributor); Gillman, Max (contributor); … - 2007
and simulates
most of the velocity volatility that is found in the data. Its underlying
money demand is Cagan-like in its … Ratio
Simulations show that the relative volatility of the output velocity of
money, of 1.40, is 75% of the actual 1972 …=h compared to the data�s (M1=P)=h output correlation of
0.31 for the 1972-2003 sample; plus, a 1.67 relative volatility of m …