第六章 货币格水平和通货膨胀 宏观经济学.pptVIP

* * * * * * * * * * * * * * * Velocity of circulation. Emphasize that velocity is defined by the equation V = PY/M, and is not the average number of times a given piece of paper changes hands in a year. Nor is V the transactions velocity because most transactions are not payments for goods and services. (Transactions are twice PY because they also include payments for the services of factors of production, which equals PY, plus all the purely financial transactions such as buying and selling stocks, bonds, foreign currency, and real estates.) The quantity theory of money. Given that V is defin