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FEDERAL RESERVE SANK Cf St LOUIS

AUGUSTIUFTEMPIR 1957

Figure

Cyclical Movement in Actual GNP and Measured Velocity and the Effect of a One-Time Increase in Permanent Income

Real GNP

Real ClIP

Permanent OMP

I GNP

~rmanent?NP~

Velocity

to

1 I Actual OMP velocity t

time

Velocity

I

I

time

Permanent I ONP velocity

~flelocity

to

time

time

(A~

(6)

chart 7

Velocities of GNP/M1 and Permanent Income/Mi

Ratio 1.5

Quarterly Data

____________

.

1.0

1.0

‘,

6.5

/

6.5

6.0

6.0

————

,

Perman

income/Mi

5.5

5.5

5.0

— —-

5.0

4.5

‘C

SWM

1

4.5

4.0

4.0

y 7 3 . 5

3.5

3.0

III 1961

63

III

65

61

III

69

11

III

73

75

~flJ~JII 11

19

81

83

III

85

1987

3.0

12

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