International Currency Substitution and the Apparent Instability of Velocity in Some Western European Economies and in the United States
描述并解释主要工业国家货币收入流通速度变动的经验规律，发现德国等国的数据支持“资产组合观点”，即美元持有成本与风险上升促使货币需求转向德国马克。
The purpose of this paper is to describe and interpret some empirical regularities in the movements of money's income velocity of circulation in major industrial countries. The results offer support for the "portfolio view", especially in the case of Germany. Since 1976, increases in the opportunity cost and the risk associated with holding dollars have argued strongly in favour of a shift in currency demand towards the Deutsche Mark.