Money and the Stock Market
Bibliographic Data
| ID | 10181032 |
|---|---|
| Authors | Milton Friedman (corresponding author) |
| Year | 1988 |
| Volume | 96 |
| Issue | 2 |
| Pages | 221-245 |
| Publication date | 1988-04-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/261534 |
| OpenAlex | W2066866124 |
| Language | EN |
| Citations received | 9 |
| References cited | 1 |
Quarterly data for the period from 1961 to 1986 suggest that the real quantity of money (defined as M2) demanded relative to income is positively r elated to the deflated price of equities (Standard and Poor's composi te) three quarters earlier and negatively related to the contemporane ous real stock price. The positive relation appears to reflect a weal th effect; the negative, a substitution effect. The wealth effect app ears stronger than the substitution effect. The volume of transaction s has an appreciable effect on M1 velocity but not on M2 velocity. An nual data for a century suggest that the apparent dominance of the we alth effect is the exception, not the rule. Copyright 1988 by University of Chicago Press
Dominance (genetics · Econometrics · Economics · Endogenous money · Financial economics · Monetary economics · Monetary policy · Stock (firearms · Stock market · Velocity of money · Wealth effect · Chemistry · Monetary Policy and Economic Impact
Retracted
Stock Market Downswing and the Stability of European Monetary Union Money Demand
Money Demand and the Stock Market in a General Equilibrium Model with Variable Velocity
The Determination of Sterling M3, 1963-88
The nexus between stock market value and demand for money in China
Does money supply growth drive housing boom in China? A wavelet-based analysis
The dynamics of housing demand under a linked-exchange rate system
La demande de monnaie dans la zone euro revisitée
The Ghosts I Called I Can't Get Rid of Now
| Unique citing works | 9 |
|---|---|
| Citations per year | 0,25 |
| Citation span | 1990 - 2019 (30) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 9 |