The income velocity of money-an inverse measure of the demand for money balances-is the ratio of the money value of income to the average money stock that the public (excluding banks) holds in a given period

Introduction; Evidence and theories of the long-run behavior of velocity; The institutional approach; The institutional approach: The long-run econometric evidence; Monetization and the behavior of velocity in Sweden, 1871-1913; The global evidence since the 1950s; The stochastic properties of velocity: Evidence for five countries; Conclusions and implications