Monetary Trends in the United States and the United Kingdom: by Milton Friedman

By Milton Friedman

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Extra resources 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)

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In addition, two factors had significant effects for part of the period in both countries: (3) a delayed adjustment to wartime disturbances; (4) an upward shift in demand during the Great Depression and the Second World War, produced, we conjecture, by greatly increased uncertainty (sec. 4). 7. On the average a one percentage point (not 1 percent) change in the difference between the yield on financial assets and on money produces something more than a 9 percent (not percentage point) change in the opposite direction in the quantity of money.

For the United States, the long swings in money, nominal income, and real income that remain after lengthening the period used to compute rates of change from three successive phases to nine phases are members of the same species as those studied by Kuznets, Burns, Abramovitz, and others. For the United Kingdom, it is dubious that there are any long swings in our series except those that reflect the smoothing of the two wars, plus possibly a post-World War II upsurge. This corresponds with the difficulty that investigators of long swings have had in demonstrating their existence in the United Kingdom (sec.

6. See Milton Friedman and Anna J. Schwartz, Monetary Statistics of the United States (New York: Columbia University Press for NBER, 1970), chap. 2. 7. D. , University of Chicago, 1969. 8. See Wesley C. Mitchell, Business Cycles (New York: NBER, 1927), pp. 128-39. 22 The General Theoretical Framework having the property that they render the equations correct. '' Just as the left-hand side of equation (1) can be divided into several components, as in equation (2), so also can the right-hand side.

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