本文關注的是這種下降緩慢的性質，以及貨幣政策是否可以解釋。我們提出的基本概念是美國的低利率政策已經引起了國內外的資產泡沫，激起儲蓄的慾望，同時降低了投資傾向。我們嘗試用更好的方法去了解為什麼最近貨幣的流通速度一直在變化，以及這些變化如何影響貨幣增長對通貨膨脹和出口增長有什麼衝擊。
我們不會試圖解釋名義GDP如何在通貨膨脹和實際增長之間分配的變化，這是一個非常複雜和多變的過程。我們可以從熟悉的交換方程式開始研究貨幣、產出和價格之間的關係。
本論文的核心主題是增長速度下降這個現象不僅在全球更在發展國家，特別是美國要對經濟增長不佳和通貨膨脹率下降負責，所以本研究認為貨幣流通速度下降的主要原因是貨幣需求和財富與收入的比例都是持續的上升地，儘管不是短期的。

This thesis is concerned with the nature of this slowdown and whether it can be explained by poor monetary policy. The underlying idea we propose is that low interest rate policies in the US have generated asset bubbles (at home and abroad) that have encouraged the desire to save more, while at the same time reducing the propensity to invest. We seek to better understand why the income velocity of money has been changing recently and how these changes have affected money growth's impact on inflation and output growth. 
We will not attempt to explain how that a change in nominal GDP is divided between inflation and real growth, which is a very complicated and variable process. We may begin our study of the relation between money, output, and prices by looking at the familiar equation of exchange.		The central theme of this thesis has been that a secular fall in velocity in developed countries around the world, and particularly in the US, is responsible for both their poor growth performance and low inflation. The main reason why that velocity is falling is that both the stock demand for money and the ratio of wealth to income are rising secularly, though not in the short run.

Table Contents
Chapter 1	1
Introduction	1
1.1 Research Topic and Goals	2
1.2 Research Motivation	4
1.3 Research Methodology	9
1.4  Research Limitations	11
1.5  A Summary of Results	11
Chapter 2	14
Literature Review	14
2.1  Important Works in the English Language Literature	14
2.2  The Chinese Literature	19
2.3  General Assessment of the Literature	21
Chapter 3	23
Some theoretical considerations of velocity and stagnation	23
3.1  The Equation of Exchange	24
3.2  Exploring Velocity with a New Decomposition	25
3.3  Theoretical Aspects of   and B	27
3.4  Summary of theoretical results	33
Chapter 4	35
An Empirical Analysis of Velocity and Stagnation	35
4.1  Introduction	35
4.2  Aspects of the Data	37
4.3  Analysis	39
4.4  Summary of Empirical Results	51
Chapter 5	53
Conclusions	53
References	55

Figure
Fig 1.1 ….......................................................................................................3
Fig 1.2 …………….......................................................................................7
Fig 1.2.1 ……………………………………………………………………8
Fig 1.3 ……………………………………………………………………...10
Fig 3.3 ……………………………………………………………………...28
Fig 3.3.1 .…………………………………………………………………...31
Fig 4.1 ……………………………………………………………………...36
Fig 4.3 ……………………………………………………………………...40
Fig 4.3.1 ……………………………………………………………………41
Fig 4.3.2 …………..………………………………………………………..42
Fig 4.3.3 ……………………………………………………………………45
Fig 4.3.4 ……………………………………………………………………50

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