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Velocity and "GDP Deflator" are fudge factors: velocity is "that number which, multiplied into the chosen measure of money supply, equals the nominal GDP"; and the GDP deflator is "that number which, multiplied into the nominal GDP, gives the desired real GDP".

We have met the enemy, and it is us — Pogo
by Carrie (migeru at eurotrib dot com) on Sun Oct 7th, 2007 at 08:18:13 AM EST
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