The paper argues that U.S. money velocity is partially ergodic and that a fitted log-ergodic model forecasts it with lower RMSE and MAE than a constant-velocity baseline.
Alexander del mar, irving fisher, and monetary economics
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Log-Ergodic Dynamics in Stochastic Monetary Velocity: Theoretical Insights and Economic Implications
The paper argues that U.S. money velocity is partially ergodic and that a fitted log-ergodic model forecasts it with lower RMSE and MAE than a constant-velocity baseline.