The modern monetarists believe that

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The modern monetarists believe that any changes in V are either very small or predictable. This belief is based on the assumption that individuals adjust their money holdings according to changes in interest rates and other economic conditions, leading to a stable velocity of money over time. However, some economists argue that V can be quite volatile in the short run, especially during periods of economic instability or financial crisis. Therefore, while modern monetarists may acknowledge the potential for short-term fluctuations in V, they generally view it as a relatively stable and predictable variable over the long run.

The Modern Monetarists Believe That