The Behavior of Money Velocity in High and Low Inflation Countries
构建了一个货币需求的一般均衡模型，解释为何在79个国家样本中货币流通速度与通胀率的相关性较低，原因在于不同经济体交易技术存在差异。
This paper presents a general equilibrium model of money demand where the velocity of money changes in response to endogenous fluctuations in the interest rate. The parameter space can be divided into two subsets: one where velocity is constant as in standard cash-in-advance models, and another one where velocity fluctuates as in Baumol (1952). The model provides an explanation of why, for a sample of 79 countries, the correlation between the velocity of money and the inflation rate appears to be low, unlike common wisdom would suggest. The reason is the diverse transaction technologies available in different economies.