Contents -- List of Charts -- List of Tables -- Preface -- Principal Empirical Findings -- 1 Scope of the Study -- 2 The General Theoretical Framework -- 2.1 The Quantity Theory: Nominal versus Real Quantity of Money -- 2.2 Quantity Equations -- 2.3 Supply of Money in Nominal Units -- 2.4 The Demand for Money -- 2.5 The Keynesian Challenge to the Quantity Theory -- 2.6 The Adjustment Process -- 2.7 An Illustration -- 2.8 Conclusion -- 3 The General Statistical Framework -- 3.1 The Reference Phase Base as the Unit -- 3.2 Rates of Change Computed from Phase Bases -- 4 The Basic Data -- 4.1 United States Data -- 4.2 United Kingdom Data -- 4.3 Combined United States and United Kingdom Data -- 4.4 Appendix -- 5 Movements of Money, Income, and Prices -- 5.1 United States and United Kingdom Money Balances at the Beginning and End of a Century -- 5.2 Long Swings in the Levels of Money, Income, and Prices -- 5.3 Rates of Change of Money, Income,and Prices -- 5.4 Conclusion -- 5.5 Appendix -- 6 Velocity and the Demand for Money -- 6.1 Velocity: A Will-o'-the-Wisp? -- 6.2 Velocity: A Numerical Constant? -- 6.3 Effect of Financial Sophistication -- 6.4 Effect of Real per Capita Income -- 6.5 Effect of Population and Prices -- 6.6 Effect of Costs of Holding Money -- 6.7 Effect of All Variables Combined -- 6.8 Appendix A -- 6.9 Appendix B -- 7 Velocity and the Interrelations between the United States and the United Kingdom -- 7.1 The Reference Chronology -- 7.2 Correlation of United States and United Kingdom Velocities and Their Determinants -- 7.3 Role of Common Determinants of Velocity -- 7.4 Money and Income -- 7.5 Conclusion -- 7.6 Appendix -- 8 Monetary Influences on Nominal Income -- 8.1 From the Demand for Balances to theBehavior of Nominal Income -- 8.2 Replacing Yields by Prior Income and Money -- 8.3 Replacing Prior Income by Prior Money.

8.4 Appendix -- 9 Division of Change in Income between Prices and Output -- 9.1 Alternative Simple Explanations -- 9.2 Price and Output Correlations -- 9.3 The Effect of Lengthening the Period -- 9.4 Framework for Further Analysis -- 9.5 Effect of Money and Yields -- 9.6 Effect of Current and Prior Money and Prior Income -- 9.7 Effect of Output Capacity and Anticipations:The Phillips Curve Approach -- 9.8 Effect of Output Capacity and Anticipations:The Approach through Alternative Models of the Formation of Anticipations -- 9.9 Conclusion -- 9.10 Appendix -- 10 Money and Interest Rates -- 10.1 The Theoretical Analysis -- 10.2 Average Yields -- 10.3 A Digression on the Measurement of Yields -- 10.4 Yields in Subperiods -- 10.5 Relation between Yields on Nominal and Physical Assets -- 10.6 Nominal Yields, Price Levels, and Rates of Change of Prices -- 10.7 Alternative Explanations of the Gibson Paradox -- 10.8 The Structural Change in the 1960s -- 10.9 Correlations with Money -- 10.10 Conclusion -- 11 Long Swings in Growth Rates -- 11.1 Past Work on Long Swings -- 11.2 Are the Swings Episodic or Cyclical? -- 11.3 The Role of Money in Long Swings -- 11.4 The Transmission Mechanism -- 11.5 Summary -- 12 The Role of Money -- 12.1 The Phillips Curve -- 12.2 Two Extreme Theories -- 12.3 The Demand for Money -- 12.4 Common Financial System -- 12.5 Dynamic Effects on Nominal Income -- 12.6 Dynamic Effects on Prices and Output -- 12.7 Interest Rates -- 12.8 Rational Expectations -- 12.9 Fisher and Gibson -- 12.10 Long Swings -- References -- Author Index -- Subject Index.