ABSTRACT
This conclusion presents some closing thoughts on the key concepts discussed in the preceding chapters of this book. The book presents annual evidence on the secular behavior of the income velocity of money using a broad money definition for twelve advanced countries from approximately the mid-1870s to the mid-1970s. It presents a framework to explain the U-shaped secular behaviour of velocity. The book describes the long-run behaviour of velocity using annual data for approximately 100 years for five countries: the United States, Canada, the United Kingdom, Sweden, and Norway. It also describes case study of Sweden during the pre — World War 1 period. The book discusses on evidence drawn from data for over eighty countries in the post — World War 2 period. It considers the recent literature on the stochastic properties of velocity. The chapter shows that the evidence marshalled warrants serious attention to the institutional determinants of velocity and the demand for money.
