Excerpt from The Relative Stability of Monetary Velocity and the Investment Multiplier

In order to establish these propositions, we first show in Section I that because of serious distortions in their formulation of the'income-expenditure model and/or biases in their statistical procedure, the results reported by F and M contain very little, if any, information about the empirical usefulness of that model. No really adequate test of this model appears feasible within the constraint of a single equation with a single independent variable,arbitrarily im posed by F and M. It is shown, however, that insofar as the implications of the model concerning the relation between consumption and autonomous expenditure can be forced into such an artificial strait jacket, these implications receive very strong empirical support, even though the forcing is at the cost of a variety of misspecifications which tend to bias the results against the model. Even after an additional variable is introducedtnuch eliminates, at least roughly, the possible influence of common trends, the impact effect of autonomous expenditures on current expenditure is shown to remain quite substantial.

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