Income Velocity and Institutional Change: Some New Time Series Evidence, 1870-1986
用协整检验评估制度因素是否解释五个工业化国家百年间货币流通速度的长期变化，发现加入制度变迁指标后模型更稳定。
This paper applies tests of cointegration to assess whether institutional factors, in addition to income and an interest rate, explain the long-run behavior of velocity. Over a century of annual data from five industrialized countries are used. Institutional characteristics make a significant contribution to the determination of velocity in all the countries considered. One generally rejects the hypothesis of cointegration between velocity and its traditional determinants but the same hypothesis cannot be rejected when velocity is also a function of institutional change proxies. Tests of coefficient stability also reinforce the validity of the institutional change hypothesis of velocity. Copyright 1993 by Ohio State University Press.