The fundamental ideas “device of account,” “personal debt,” and “liquid asset” certainly have to be interpreted To place content in the proposed definition of money. Device of account usually means a unit (like the U.S. greenback) which by Conference (whether or not with or without the need of supporting tension from federal government)

Cyclically, all velocity steps tend to rise during common organization expansions and drop all through contractions, with peaks and troughs in velocity coinciding with business enterprise cycle peaks and troughs. Cyclical amplitudes, interpreted as deviations from secular trends, are considerably higher in V than in M; without a doubt, the latter n

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