The Transactions Velocity of Money and Its Efficiency
建立货币余额收益率与交易流通速度的线性关系，证明有效市场假说意味着对数速度的一阶差分应为随机或最多负一阶自相关，实证结果支持该假说，为宏观层面有效市场假说提供证据。
This paper models the unobservable rate of return on money balances (r) as depending directly on the transactions velocity of money (v). Approximating this relationship linearly, the efficient markets hyphothesis (EMH) is shown to imply that first differences of the log of v should either be random or should show negative first-order serial correlation at most. The empirical evidence presented below is consistent with the EMH. These results are of interest in three directions. First, they add support at the macroeconomic level for the EMH. Velocity in the macroeconomy seems to behave as expected based on the fair degree of support for the EMH at the micro