Faugere, Christophe - Volkswirtschaftliche Fakultät, … - 2010
barter. I derive the optimal velocity of money, which depends on real GDP/capita and the net return on depository … pace slower than long-term real GDP/capita growth; i.e. less than 2%. The empirical tests using Johansen’s (1995) VECM … the same rate as real GDP naturally leads to a rate of inflation equal to the rate of velocity growth. Hence, setting an …