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The Relative Importance of Changes in the Money Stock and Changes in Income as Determinants of Consumer Service Spending

This paper tests two hypotheses concerning the effects of changes in the money stock and changes in income on consumer service spending. The first hypothesis is that a change in the money stock has its major impact on the components of service spending within four quarters of the original change in the money supply. This hypothesis represents an examination, for a sub-sector of total consumer spending, of Professor Milton Friedman's conclusion that the correlation between the rate of change in the money stock and consumption is highest three or four quarters after the initial change in the money stock. (x) The various theories of the transmission mechanism by which monetary actions influence economic activity are not tested.