THERMOECONOMICS - Vocat International Ltd

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Copyright: John Bryant, VOCAT International Ltd 2012, for personal use only.
Figure 5.14a Cumulative Money Interest Index I (3-month Treasury rate), Output Value G and
Nominal Money Stock N. UK
Where the elastic indices θ and τ can be variable, and where the third
interrelationship is the velocity of circulation T, equal to G/N, shown earlier
in this chapter. As with previous analyses, annualised 4-quarter moving
averages were calculated. It was assumed that the cumulative index of
interest value I0 at the starting point of the time series for the each of the
two economies was equal to 1.