In his testimony to Congress in 1975,Fed chair Arthur Burns argued that the high dynamic variable in the business cycle is NOT the stock of money but

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Arthur Burns, in his testimony, emphasized the velocity of the circulation of money as the high dynamic variable in the business cycle, rather than the stock of money itself. This perspective highlights the importance of how quickly money is being exchanged in the economy, rather than just the amount of money available.

In His Testimony to Congress in 1975,Fed Chair Arthur Burns