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THE OBJECTIVE of this paper is to fit the horizontal trend in "M2 velocity," observed for about a decade and a half, into a somewhat broader framework in which the regularity falls in place. The behavior of income velocity-or of its reciprocal, which expresses money holdings per unit of income-is important because it discloses the money demand corresponding to alternative levels of money income. Appraising this relationship is necessary to devising a rational macro policy. Though our notion of a broader framework is modest, it nevertheless includes the broadest money-supply aggregates (M) ;1 and because it includes interest rates, it will also give a window toward other assets. Awareness of the regularity we discuss is not a substitute for more complex methods of appraising the probable course of events. "Judgmental" elements must be allowed to enter into these projections regardless of approach, and no case can be made for projecting trends mechanically. Howe ever, because the regularity we discuss has been consistent for well over

Interpretation of a Regularity in the Behavior of M 2