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Additional info for Monetary Trends in the United States and the United Kingdom: Their Relation to Income, Prices, and Interest Rates, 1867-1975 (National Bureau of Economic Research Monograph)
13. The high correlation between the two countries of velocity and its rate of change reflects the determination of the demand for money in the two countries by the same variables (point 5 above) plus the similar movements in these common determinants. If the movements of the common determinants had been uncorrelated between the two countries, Principal Empirical Findings the variance of the differences between the two countries would have been doubled for levels of velocity and more than quadrupled for rates of change of velocity (sec.
2). 44. After World War II, the financial markets began to behave differently. Beginning in the 1960s, there is a gradual shift, in both the United States and the United Kingdom, from the prior pattern to one involving anticipation of inflation: interest rates start to parallel rates of inflation, so nominal returns on nominal assets become more variable, and real returns on nominal assets become less variable. 45. 25 percentage point lower yield on physical than on nominal assets (sec. 2). 46.
5). 4. Rising real per capita income had opposite effects on money holdings expressed in terms of weeks of income in the United States and the United Kingdom. 9 percent in the United Kingdom (sec. 7). , raised monetary velocity). 5. Aside from the difference in real income elasticity and change in financial sophistication, not only was the real quantity of money demanded affected by the same variables in the two countries during the century we study, but also those variables had the same quantitative effect (sec.