Alternative Measures of Money and the Volatility of Velocity

Date

1993

Author

Keyder, Nur
Oran, Adil

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The paper aims at comparing the relative volatility of the velocity series constructed using the "Divisia Monetary Aggregate", with those obtained in the traditional way, using the simple-sum monetary aggregate. The period under investigation is 1966-90; and the country of reference is Turkey. The empirical findings suggest that velocity of the M2 Divisia Monetary Aggregate displays much less volatility than the velocity of simple-sum M2. In the case of Ml, however, in conformity with our expectations, there is not much difference between the two series.

URI

https://hdl.handle.net/11511/112293

Collections

Department of Economics, Article