**Cloth**: 978-0-226-26409-7 |

**Paper**: 978-0-226-26410-3 |

**Electronic**: 978-0-226-26425-7

**DOI:**10.7208/chicago/9780226264257.001.0001

**ABOUT THIS BOOK**

**TABLE OF CONTENTS**

### ABOUT THIS BOOK

### TABLE OF CONTENTS

**4.4 Appendix**

**List of Charts**

**List of Tables**

**Preface**

**Principal Empirical Findings**

**1 Scope of the Study**

**2 The General Theoretical Framework**

**2.1 The Quantity Theory: Nominal versus Real Quantity of Money**

**2.2 Quantity Equations**

**2.3 Supply of Money in Nominal Units**

**2.4 The Demand for Money**

**2.5 The Keynesian Challenge to the Quantity Theory**

**2.6 The Adjustment Process**

**2.7 An Illustration**

**2.8 Conclusion**

**3.1 The Reference Phase Base as the Unit**

**3.2 Rates of Change Computed from Phase Bases**

**4 The Basic Data**

**4.1 United States Data**

**4.2 United Kingdom Data**

**5.1 United States and United Kingdom Money Balances at the Beginning and End of a Century**

**5.2 Long Swings in the Levels of Money, Income, and Prices**

**5.3 Rates of Change of Money, Income,and Prices**

**5.4 Conclusion**

**5.5 Appendix**

**6 Velocity and the Demand for Money**

**6.1 Velocity: A Will-o'-the-Wisp?**

**6.2 Velocity: A Numerical Constant?**

**6.3 Effect of Financial Sophistication**

**6.4 Effect of Real per Capita Income**

**6.5 Effect of Population and Prices**

**6.6 Effect of Costs of Holding Money**

**6.7 Effect of All Variables Combined**

**6.8 Appendix A**

**6.9 Appendix B**

**7 Velocity and the Interrelations between the United States and the United Kingdom**

**7.1 The Reference Chronology**

**7.2 Correlation of United States and United Kingdom Velocities and Their Determinants**

**7.3 Role of Common Determinants of Velocity**

**7.4 Money and Income**

**7.5 Conclusion**

**7.6 Appendix**

**8 Monetary Influences on Nominal Income**

**8.1 From the Demand for Balances to theBehavior of Nominal Income**

**8.2 Replacing Yields by Prior Income and Money**

**8.3 Replacing Prior Income by Prior Money**

**8.4 Appendix**

**9 Division of Change in Income between Prices and Output**

**9.1 Alternative Simple Explanations**

**9.2 Price and Output Correlations**

**9.3 The Effect of Lengthening the Period**

**9.4 Framework for Further Analysis**

**9.5 Effect of Money and Yields**

**9.6 Effect of Current and Prior Money and Prior Income**

**9.7 Effect of Output Capacity and Anticipations:The Phillips Curve Approach**

**9.8 Effect of Output Capacity and Anticipations:The Approach through Alternative Models of the Formation of Anticipations**

**9.9 Conclusion**

**9.10 Appendix**

**10 Money and Interest Rates**

**10.1 The Theoretical Analysis**

**10.2 Average Yields**

**10.3 A Digression on the Measurement of Yields**

**10.4 Yields in Subperiods**

**10.5 Relation between Yields on Nominal and Physical Assets**

**10.6 Nominal Yields, Price Levels, and Rates of Change of Prices**

**10.7 Alternative Explanations of the Gibson Paradox**

**10.8 The Structural Change in the 1960s**

**10.9 Correlations with Money**

**10.10 Conclusion**

**11.1 Past Work on Long Swings**

**11.2 Are the Swings Episodic or Cyclical?**

**11.3 The Role of Money in Long Swings**

**11.5 Summary**

**12 The Role of Money**

**12.2 Two Extreme Theories**

**12.3 The Demand for Money**

**12.4 Common Financial System**

**12.5 Dynamic Effects on Nominal Income**

**12.7 Interest Rates**

**12.9 Fisher and Gibson**

**12.10 Long Swings**

**References**

**Author Index**

**Subject Index**