Or, looking at it another way, get the product of money growth times income velocity to such a level.

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Then, as banks redirect the capital previously employed in the carry trade into commercial loans, economic growth will increase, but the velocity of money will also rise.

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The evidence of past recessions is that economic growth doesn't resume at any great velocity until unviable and inefficient businesses are put of their misery and excess capacity in various industries is eliminated.

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When velocity is stable, the Fed should keep money growth steady.

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The velocity of money is falling at the same time money growth has come to an abrupt stop.

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As for the recent period, the extremely high growth is probably appropriate, and not inflationary, while credit markets remain frozen and velocity continues to fall.

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They point out that money supply growth ran 2.4 percent faster than nominal GDP growth during this period, when it had run below nominal GDP growth in 1959-69, 1969-79, and 1979-95, as would be expected with velocity increasing due to technological advance.

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If V (the income velocity of money which reflects the demand for money) is fairly steady, then M (money) growth should be 4%.

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