The Remarkable Stability of Monetary Base Velocity in the United States,1919-1999

Abstract

This analysis examines the long-run demand for the adjusted monetary base in the United States, 1919-1999.When the "price" of the base is measured by the inverse of the yield on long-term, high-quality corporate bonds and an appropriate functional form is selected, the quantity of base money demanded is found to be a stable function "…of a small number of variables."§ The authors are, respectively, vice president and economist, and senior vice president and director of research, Federal Reserve Bank of St. Louis.

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