TY - JOUR
T1 - The velocity puzzle revisited
T2 - The effects of the housing and stock markets
AU - Levi, Maurice D.
AU - Venezia, Itzhak
AU - Zhang, Yimin
PY - 1996
Y1 - 1996
N2 - This paper re-examines the stability of the income-velocity of money by allowing for the effects of the housing and stock markets. It is shown that much of the hitherto unexplained behavior of velocity can be explained by housing transactions. The importance of housing transactions is shown to be robust to the allowance for stock market transactions and returns, as well as for wealth and expected return effects of housing. The results of the paper suggest that attention be paid to the use of money for the exchange of existing assets, especially real estate.
AB - This paper re-examines the stability of the income-velocity of money by allowing for the effects of the housing and stock markets. It is shown that much of the hitherto unexplained behavior of velocity can be explained by housing transactions. The importance of housing transactions is shown to be robust to the allowance for stock market transactions and returns, as well as for wealth and expected return effects of housing. The results of the paper suggest that attention be paid to the use of money for the exchange of existing assets, especially real estate.
UR - http://www.scopus.com/inward/record.url?scp=0141535221&partnerID=8YFLogxK
U2 - 10.1016/0148-6195(95)00051-8
DO - 10.1016/0148-6195(95)00051-8
M3 - ???researchoutput.researchoutputtypes.contributiontojournal.article???
AN - SCOPUS:0141535221
SN - 0012-9933
VL - 48
SP - 23
EP - 32
JO - Journal of Economics and Business
JF - Journal of Economics and Business
IS - 1
ER -