XIV

A TREATISE ON MONEY

VOLUME II

THE APPLIED THEORY OF MONEYBOOK V

MONETARY FACTORS AND THEIR FLUCTUATIONS

CHAPTER 22

PAGE

Tiie Applied Theory op Money ..... 3

CHAPTER 23

The Proportion op Sayinqs-deposits to Cash-deposits . . 7

1. England ....... 8

2. The United States . . . . .14

3. Elsewhere ....... 18

CHAPTER 24

The Velocities op Circulation. . . . . .20

(i.) The Conception of “ Velocity ” as applied to Bank Money 20(ii.) The Velocities of the Income-deposits and of the Business-

deposits distinguished . . . . .22

(iii.) The Velocity of the Income-deposits . . . .25

(iv.) The Velocity of the Business-deposits . . .30

1. Great Britain . . . . . .31

2. The United States .. .... 35

(v.) The Variability of the Velocity of the Business-deposits . 39

(vi.) Factors determining True Velocities . . . .43

CHAPTER 25

TnE Ratio of Bank Money to Reserve Money . . .49

(i.) The Stability of Reserve-ratios . . . .53

1. England . . . . . . .55

2. The United States . . . . . .61

3. Elsewhere ....... 64

(ii.) The Interchangeability of Non-Reserve Bank Assets . 66

(iii.) How ought the Reserve-ratio to be fixed ? . . .68