Michael D. Bordo is professor of economics and director of the Center for Monetary and Financial History at Rutgers University, New Jersey, and a research associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has also taught at the University of South Carolina, Carleton University, the University of California, Los Angeles, Carnegie Mellon University, and Princeton University. He is editor of a series of books for Cambridge University Press, Studies in Macroeconomic History, and the author of Essays on the Gold Standard and Related Regimes, and (with Anna J. Schwartz) A. Retrospective on the Classical Gold Standard 1821-1931. Lars Jonung is professor of economics at the Stockholm School of Economics. He is the editor of The Stockholm School of Economics Revisited, and the co-author (with Steve H. Hanke and Kurt Schuler) of Russian Currency and Finance: A Currency Board Approach to Reform.

• 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

Michael D. Bordo is professor of economics and director of the Center for Monetary and Financial History at Rutgers University, New Jersey, and a research associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has also taught at the University of South Carolina, Carleton University, the University of California, Los Angeles, Carnegie Mellon University, and Princeton University. He is editor of a series of books for Cambridge University Press, Studies in Macroeconomic History, and the author of Essays on the Gold Standard and Related Regimes, and (with Anna J. Schwartz) A. Retrospective on the Classical Gold Standard 1821-1931. Lars Jonung is professor of economics at the Stockholm School of Economics. He is the editor of The Stockholm School of Economics Revisited, and the co-author (with Steve H. Hanke and Kurt Schuler) of Russian Currency and Finance: A Currency Board Approach to Reform.

• 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

Michael D. Bordo is professor of economics and director of the Center for Monetary and Financial History at Rutgers University, New Jersey, and a research associate of the National Bureau of Economic Research, Cambridge, Massachusetts. He has also taught at the University of South Carolina, Carleton University, the University of California, Los Angeles, Carnegie Mellon University, and Princeton University. He is editor of a series of books for Cambridge University Press, Studies in Macroeconomic History, and the author of Essays on the Gold Standard and Related Regimes, and (with Anna J. Schwartz) A. Retrospective on the Classical Gold Standard 1821-1931. Lars Jonung is professor of economics at the Stockholm School of Economics. He is the editor of The Stockholm School of Economics Revisited, and the co-author (with Steve H. Hanke and Kurt Schuler) of Russian Currency and Finance: A Currency Board Approach to Reform.

• 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