Structural Aspects of Money Velocity

Abstract

I. Concepts of money velocity, 429. — II. Factors responsible for secular and cyclical changes in transactions velocity, 433. — III. Influence of changes in the pattern of ownership of demand deposits on money velocity, 437. — IV. Influence of changing composition of payment flows on deposit velocity, 440. — V. Effect of compensating balances upon cyclical variations in transactions velocity, 443. — VI. Conclusions, 446.