Mariscal, I. Biefang-Frisancho; Howells, P.G.A. - In: International Review of Applied Economics 26 (2012) 1, pp. 97-110
It is widely reported for many countries, including the UK, that <italic>income</italic> velocity has been highly variable around a declining trend in recent years. This paper advances the following hypothesis. The demand for credit and hence the broad money stock are influenced by total spending in the economy,...