The Retreat from Monetarism
J.R. Shackleton, 6 February 1986
“... his monumental Monetary Trends in the United States and the United Kingdom, co-authored with Anna Schwartz and published in 1982. This body of work suggested that the velocity of circulation, although varying over the business cycle, is in the long run fairly stable. In particular, it is more stable than the value of the Keynesian multiplier. This implies ... ”