The Volume of Transactions and the Circulation of Money in the United States, 1950–1979
区分了现金与银行支付、多种交易类型及闲置资金转移，测量了相关变量，发现现金流通速度恒定且低，银行货币速度上升主要源于闲置资金短期投资增加，并指出1968-1972年交易量水平上移与美元国际角色变化有关。
In the identity of exchange I distinguish between currency and bank payments on one side and several types of transactions and the transfer of idle money on the other. An attempt is made to measure these variables, with varying success. On the payments side I argue that currency velocity is constant (and low) and that the vast rise of bank money velocity is largely due to increased short-term investment of idle funds. The results suggest an upward shift in the level of transactions in 1968–1972, which I attribute to changes in the international role of the dollar.