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Gdp Mv The Equation of Exchange VideoQuantity Theory of Money
The Cambridge economists also thought wealth would play a role, but wealth is often omitted for simplicity.
The Cambridge equation for demand for cash balances is thus: . From Wikipedia, the free encyclopedia. Macroeconomics: Theories and Policies.
Macmillan Publishing Company: New York, Consumers have more money to buy the same amount of goods. Therefore, firms put up prices to reflect this increase in money supply.
Other points Milton Friedman predicted an increase in the money supply would take about months to lead to higher output.
Friedman placed great emphasis on the role of price expectations. If there are expectations of higher inflation, it becomes self-fulfilling — workers demand higher wages to meet rising living costs.
Firms put up prices to meet rising costs. Strict monetarist policies would help reduce expectations. In the early s, the UK and US adopted monetarist policies with mixed results.
This rate of increase should depend on institutional factors and be determined independently of policymakers. Friedman believed this rule would avoid the extremes of deflation Falling money supply, e.
Great Depression and inflation due to rising money supply. It would give business strong expectations of what would happen to money supply and inflation.
Velocity is the number of times the money supply is spent to obtain the goods and services that make up GDP during a particular time period.
Multiplying both sides by real GDP, we have. Letting Y equal real GDP, we can rewrite the equation of exchange as. We shall use the equation of exchange to see how it represents spending in a hypothetical economy that consists of 50 people, each of whom has a car.
Now suppose that the sole economic activity in this economy is car washing. During that month, the money supply is spent once.
Because the only good or service produced is car washing, we can measure real GDP as the number of car washes. Thus Y equals 50 car washes.
The equation of exchange for a period of 1 month is. Over the full two-month period, the money supply has been spent twice—the velocity over a period of two months is 2.
Inserting these values into the equation of exchange, we have. Suppose this process continues for one more month.
We have. The essential thing to note about the equation of exchange is that it always holds. That should come as no surprise.
The left side, MV , gives the money supply times the number of times that money is spent on goods and services during a period. It thus measures total spending.
The right side is nominal GDP. But that is a measure of total spending on goods and services as well. Nominal GDP is the value of all final goods and services produced during a particular period.
Those goods and services are either sold or added to inventory. If they are sold, then they must be part of total spending.
If they are added to inventory, then some firm must have either purchased them or paid for their production; they thus represent a portion of total spending.
In effect, the equation of exchange says simply that total spending on goods and services, measured as MV , equals total spending on goods and services, measured as PY or nominal GDP.
The equation of exchange is thus an identity, a mathematical expression that is true by definition. To apply the equation of exchange to a real economy, we need measures of each of the variables in it.
Three of these variables are readily available. The Department of Commerce reports the price level that is, the implicit price deflator and real GDP.
The Federal Reserve Board reports M2, a measure of the money supply. For the second quarter of , the values of these variables at an annual rate were.
To solve for the velocity of money, V , we divide both sides of Equation Andreas Wegner. Landeskassierer GLV.
Lutz Heise. Vorsitzender der Kreisgruppe Anklam. Marco Bialecki. Kristin Frosch. Ute Wienicke. Beisitzerin GLV. Marina David. Petra Gerdsmann.