Sunday, April 22, 2007

Velocity

I first encountered the Quantity Theory of Money about 26 years ago. Over the course of those 26 years, I’ve gotten a PhD in economics (macroeconomics, specifically) from a reputable university and been employed professionally as an economist, but I have to confess, I’m still having trouble understanding the Quantity Theory of Money.

For the benefit of any readers who may be unfamiliar with it, I will note that the Quantity Theory is, formally speaking, one of the simplest economic theories one is ever likely to come across. There are 4 variables:
  • M = money (the quantity of money)
  • V = velocity (the velocity of money)
  • P = price (the general price level)
  • Y = national income or output
and the theory states that
MV = PY
(“Y” is sometimes replaced by “Q” for “quantity” – actually the way I learned it – or by “T” for “transactions” – the latter being apparently a slightly different version of the theory.) The nature of my confusion may be stated succinctly: What the hell is “velocity”?

Velocity is typically defined as something like “the number of times an average dollar changes hands.” To be more precise (for the “Y” or “Q” version, but not for the “T” version), it should probably be “the number of times an average dollar changes hands for purposes of purchasing newly produced goods and services (but not including any constituent part of those goods and services that is not newly produced).”

I can kind of understand this – at least in a stylized example. If all our money took the form of dollar bills, and if we placed a check mark on a dollar bill every time we used it to purchase value added, then the velocity of money would be the number of check marks added to the average dollar bill in a year. (The “value added” concept makes things a bit difficult, though: If a hot dog vendor buys a frankfurter and a bun for $1 each, he puts check marks on each dollar he uses; if I then buy a fully assembled hot dog for $3, I have to be careful to check one of the dollars but not the other two, since only one of those dollars is being used to purchase value added.)

OK, but I have two questions: First, how is this example analogous to anything in the real world? We don’t have just one denomination of currency; we have many. Most of our transactions are electronic, anyhow. And we don’t put check marks on the currency when we use it. And even if we did, the check marks wouldn’t make any difference to anyone except maybe the people who operate printing presses on behalf of the Fed. Which leads to my second question: Why should we care? Why, in particular, should we expect this number called “velocity” to have any interesting properties, to be constant or stable or in any way predictable? Nobody has ever been able to give me a satisfactory answer to this question.

But I’ve come up with another way of thinking about the Quantity Theory, a way that does make some sense to me. Is it really, perhaps, not a theory about the circulation of money but a theory about the demand for money? Is the theory simply saying that people (and businesses and governments) choose to hold money in proportion to their intention to purchase value added? (Or perhaps, that they choose to hold money in proportion to their income, which would be equivalent because of the national income identity. Though I don’t see any reason to hold money in proportion to ones income independently of how much one intends to spend.)

If I look at the Quantity Theory as a theory about the demand for money, the “V” makes sense. Rearranging the Quantity Theory to look like a money demand equation, we have:
M/P = Y/V
In this formulation, V is simply the fraction (expressed in reciprocal form, as a “Vth,” one might say) of intended annual value added purchases that people choose to hold in real money balances. I don’t see why that fraction should be called “velocity,” but I suppose it doesn’t matter; you can call it whatever you want.

The theory is still a bit ragged around the edges: You might think people would hold money in proportion to their total intended purchases; it’s a little harder to see why money holdings would depend on value added purchases but not on resale purchases. (For example, wouldn’t I hold money in proportion to my whole $3 hot dog purchase? And wouldn’t the hot dog vendor also hold money in proportion to his $2 bun and frankfurter purchases?) But this difficulty doesn’t bother me so much, because I can see why we might expect the ratio of total purchases to value added to be roughly constant, at least in the short run.

Then, if someone wants to get more sophisticated and say something like, “The velocity of money may rise in response to rising interest rates,” I can be comfortable interpreting that to mean, “If interest rates rise, people may choose to hold a smaller fraction of their intended purchases as money balances.” Or if someone says, “The velocity of money may rise due to the increasing availability of credit cards,” I can interpret that to mean, “Credit cards reduce the need to hold money balances.” I think I’m finally learning how to translate from Monetarist-ese into English.

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18 Comments:

Anonymous Anonymous said...

KNZN,

It appears that you could take an open-minded look at Murray Rothbard's critique of the 'equation of exchange.' --

http://www.mises.org/rothbard/mes/chap11d.asp#13._Fallacy_Equation_of_Exchange

" This example should reveal the fallacy of equations in economic theory. The Fisherine equation has been popular for many years because it has been thought to convey useful economic knowledge. It appears to be demonstrating the plausible (on other grounds) quantity theory of money. Actually, it has only been misleading."

"...At any rate, enough has been shown to warrant expunging the equation of exchange from the economic literature."

But you are well along the correct path seeing that the value of money comes from its demand to hold, and not from the transactions that it may be involved in. Money can only be an economic good because it is both scarce and desired. A transaction involving money is not primarily involved with the scarcity of money as only the ownership of the money involved is changed in an instant. Every dollar is always owned by exactly one person or entity at a time. It is the holding of money where its scarcity comes into play.

To connect the quantity of money to its marginal exchange value, we have to separate cash holdings into two parts, one part is earmarked for known future purchases, and the other is a part which is held for emergencies, opportunities and other unpredictable discretionary purchases for which it cannot be assumed that non-monetary assets can be liquidated quickly enough.

The more non-earmarked money I possess, the more I will be willing to spend on an unexpected bargain, and the more price inflation will rise, one good at a time. This is, of course, the decreasing marginal utility of money, applied in reverse for a decreasing quantity of money possessed.

Regards, Don Lloyd

Sun Apr 22, 10:44:00 AM EDT  
Blogger Karl Smith said...

I was actually about to respond to your post on Inflation using the quantity theory of money and decided not to because my response implied that the velocity changed with changes in the interest rate.

I have always been told that V is constant and so I was confused by this result.

Maybe now I will post it.

Sun Apr 22, 12:33:00 PM EDT  
Blogger Gabriel M said...

A few separate points...

1) We need to distinguish between this lonely equation and the QTM as such.

People like Hume developed the QTM and even as early as that it was a story about short-run non-neutrality and long-run neutrality. The QTM is a theory about the determinant of the price level/nominal prices.

2) You can get neutrality or super-neutrality in models which don't employ that equation. Those models are in general quantity-theoretic in that nominal variables are determined by the money supply.

3) I take MV=PY as a sort of accounting identity, true by definition.

MV = the total nominal expenditure in a year ; PY = price index vs. real output (in prices of base period).

In other words, the volume traded, in nominal value.

4) I always think of V as primarily defined by technological factors (checks, debit cards?). Money can travel only as fast as out financial institutions make it travel.

5) The fact that M is not linked by the theory to either M1 or M2 or M3 or any other aggregate introduces considerable fuzziness.

I don't think that MV=PY is still a good back-on-the-envelope tool. A CIA model or a cash-and-credit one seem better to me.

6) If you differentiate MV=PY in respect to time and devide you get growth rates, caeteris paribus:

p = m + v - y

So, for your tax cuts to cause inflation in a way compatible with the Fisherian equation you only need to show that they influence either the growth rate of the money supply, that of the velocity or that they cause a decrease in output.

If bonds are money or they are monetarized then tax cuts increase M, m > 0 and hence quantity-theoretic inflation. No?

Sun Apr 22, 01:25:00 PM EDT  
Blogger knzn said...

Even as an accounting identity, the equation isn’t useful unless the concept of velocity has some useful meaning. To me, the traditional definition doesn’t seem meaningful in an economy where you can write checks with an arbitrary number of zeros on them. If you define it as a parameter of the money demand function, it makes sense to me.

Sun Apr 22, 04:18:00 PM EDT  
Anonymous Anonymous said...

Three quick remarks:

1. A good deal of monetarism was about finding an M with a constant V. Each M (M1, M2..) have different velocities. Its useful to consider MV=PY and say, V=(PY)/M, where M is the relevant measure. A big problem with monetarism is that as soon as they found an M with a constant V, the V starting moving. Bottom line: its makes no sense to talk about a V without saying what M we're talking about.
2. As far as I recall, there was also a "Cambridge controvsery" about whether M=PY/V was a money demand equation or not. Of course, Keynesians and monetarists debated fiercely over whether we have V=V(i) or no; i being the nominal rate.
3. Its also an aggregate demand equation: Y= (MV)(P). That is, its an inverse relationship between Y and P, with V shifting the curve.

Sun Apr 22, 07:41:00 PM EDT  
Blogger Biomed Tim said...

KNZN or MVPY,

Do you think the elimination of cash, and the adoption of electronic money would have any impact on "V"?

Sun Apr 22, 09:01:00 PM EDT  
Blogger knzn said...

Biomed Tim, I think you have to separate two aspects of electronic money. One is simply the fact that transactions are processed electronically instead of using paper money. The other is that many of those transactions are done on credit. Then you have to ask what effect each of these has on the demand for money balances. In the first case, it depends on what you mean by “money” (as suggested in mvpy’s first point). The availability of electronic transactions would certainly reduce the need to hold paper money, so it would tend to reduce the demand for – and thus increase the velocity of – base money (money created directly by the Fed). However, if you make a debit transaction using electronic money, you still need to have the money in your bank account, so I don’t think this first aspect would affect the velocity of aggregates that include bank deposits.

The second aspect is a different story, however, because the ability to do transactions on credit means that you don’t need to have the assets available until after you’ve made the purchases. And when you get your credit card bill, if it turns out that you don’t have enough money in your bank account to pay it, you still have time to liquidate some other asset, or you can decide to let it slip for a month, make the minimum payment, and just pay the interest. So the availability of credit clearly reduces the need to hold any form of money and thus increases the velocity of all forms of money.

Mon Apr 23, 10:02:00 AM EDT  
Anonymous Anonymous said...

This macroeconomic stuff is all very complicated.

Mon Apr 23, 03:40:00 PM EDT  
Blogger flanok said...

This comment has been removed by the author.

Tue May 08, 03:23:00 PM EDT  
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Thu Aug 21, 08:55:00 PM EDT  
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Wed Aug 27, 01:55:00 AM EDT  
Anonymous Anonymous said...

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Thu Sep 11, 11:17:00 AM EDT  

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