; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Comments on Gordon, Leeper, and Zha’s “Trends in Velocity and Policy Expectations”"; ; "batchuser@example.com"; "McGrattan, Ellen R."; "Federal Reserve Bank of Minneapolis"; "I argue that low-frequency movements in U.S. base velocity are well explained by standard models of money demand. The model of Gordon, Leeper, and Zha is not standard because they assume a very high interest elasticity. The positive conclusion that they reach about the model’s ability to mimic movements in velocity necessarily implies that predicted movements in interest rates are too smooth."^^; "1998-05"; "2019-08-20T22:10:19.609521472+00:00"^^; "https://doi.org/10.21034/sr.247"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:01:35 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "508"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "247"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Carnegie-Rochester Series on Public Policy_ (No. 49, December 1998, pp. 305-316) https://doi.org/10.1016/S0167-2231(99)00012-3. "^^; ; "Publication" . ; .