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2. The clear answer to was not always given, whether speed is defined Circulations of money in relation to incomes as relation Y to M or asRelation Y to M1. I nevertheless would suggest to accept it in the last sense.
Then, if V there is a velocity of money in relation to the income, that,
Certainly, there is no basis to believe that V there is a constant. It
Significance will depend on character of the bank and industrial organisation,
From customs, from income distribution between various classes and from costs
Storages of staying idle cash. Nevertheless if to mean The short period of time and not to assume essential changes of any of These factors we can consider V as constant enough Size.
3. At last, there is a question on the relation between M2 and r. We saw in it. 13,
That uncertainty concerning the future dynamics of norm of percent is Unique intelligible explanation of a liquidity preference of type L2,
The leader to storage of cash M2. From this it follows that the given size M2 not
Is in certain quantitative communication with the given norm of percent r. That really matters, so it not absolute level r, and degree Its deviations of that is considered reliable enough level r in
The accepted accounts of probability. Nevertheless there are two bases to believe that
At each given condition of waiting falling r will be combined with Increase M2.
Norms of percent, does not vary, each falling r lowers the market rate on
To the relation to "the reliable" rate and by that increases risk of failure from
Liquidities. Secondly, each falling r lowers the current yields received As a result of failure of liquidity and acting as some kind of the insurance
The award compensating risk of the loss on a capital account, and this fall it is equal
Differences between squares of old and new interest rates. When, for example,
The norm of percent on long-term debts makes 4 % it is more preferable To offer liquidity if only on all account of probabilities is not present The bases to be afraid that this long-term norm of percent can grow with Rate, big, than 4 % a year, i.e. On size big, than 0,16 % The initial sum for a year. If, however, norm of percent already now Makes only 2 %, the current yield will compensate its increase in all
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