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Readings in Money and Banking

Note 50 — Chapter XI

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Interesting changes in the magnitudes of the equation of exchange between 1896 and 1914 are given in the appended diagram, which is taken from a reprint of Professor Fisher's article, The Equation of Exchange for 1914, and the War, the American Economic Review, Vol. V, No. 2, June, 1915.—Editor.

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