Monetary trends in the United States: a regional analysis

This study examines interregional monetary trends in the United States, particularly trends involving the income velocity of money. A unique set of state money data are developed in the dissertation and then used to investigate four major topics. First, the analysis determines that interregional changes in velocity generally follow U.S. changes in velocity, indicating that significant interregional economic interdependencies do exist. However, there are significant differences in interregional velocity levels, implying that the factors which determine the demand for money are different. Secondly, the dissertation establishes that in some cases state money supplies are a better predictor of state income than the national monetary supply is, a result which conflicts to some extent with an hypothesis advanced by Milton Friedman. Thirdly, the study focuses attention on preliminary research by Gould and Nelson which indicates that changes in U.S. velocity appear to follow a random walk. Evidence is presented which conflicts with this finding, and methods by which velocity can most accurately be measured are discussed. Finally, the analysis considers some of the possible determinants of velocity, concluding that changes in financial institutions are important in this respect. More specifically, it is found that Savings and Loan Associations have had a strong influence on velocity levels in the post WWII era.

Name thesis:degree_name

Ph. D.

Level thesis:degree_level

doctoral

Discipline thesis:degree_discipline

Economics

Department dc:contributor.department

Economics

Grantor dc:publisher

Virginia Tech

Year dc:date.issued

1974

Author dc:creator

• Stauffer, Robert Fulton

Statement dc:rights

• In Copyright

Licence dc:rights.uri

• http://rightsstatements.org/vocab/InC/1.0/

Language dc:language.iso

en

Dc Identifier Other

etd-05192010-020230

OAI identifier oai:identifier

oai:vtechworks.lib.vt.edu:10919/37829