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Money, Trade, and Prices--A Test of Causal Primacy

Morris A. Copeland^1,2

¹ Federal Reserve · ² Federal Reserve Board of Governors

Equation of exchange restated, 649. — Working's theory of the isolation of cyclical variations in money and prices, 649. — Mitchell's theory of the primacy of the pecuniary volume of trade, 650. — Cycles of P and M, 652. — And of T and V, 654. — Working's two basic propositions examined, 656. — Seasonals of T, M, and V, 657. — Seasonals of PT plus R and MV, 659. — Cycles of PT plus R and MV, 661. — Bearing of these comparisons on Mitchell's hypothesis, 663. — Conclusions, 664.

DOI

10.2307/1882962

Volume

43 (4)

Pages

648

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