Accessible Version

Milton Friedman and Data Adjustment, Accessible Data

Figure 1: Unadjusted and adjusted U.S. annual and phase-average observations for velocity. Data source: Friedman and Schwartz (1982).
Year Annual velocity (unadjusted for financial sophistication) Annual velocity (adjusted for financial sophistication)
1873 4.98 2.35
1874 4.71 2.28
1875 4.46 2.21
1876 4.65 2.37
1877 4.89 2.55
1878 5.06 2.71
1879 5.13 2.81
1880 5.31 2.99
1881 4.41 2.54
1882 4.41 2.61
1883 4.01 2.43
1884 3.89 2.42
1885 3.53 2.25
1886 3.39 2.22
1887 3.29 2.20
1888 3.15 2.17
1889 3.08 2.17
1890 3.00 2.17
1891 2.97 2.20
1892 2.86 2.18
1893 2.93 2.28
1894 2.57 2.05
1895 2.73 2.23
1896 2.63 2.21
1897 2.72 2.34
1898 2.51 2.21
1899 2.49 2.25
1900 2.49 2.31
1901 2.44 2.32
1902 2.31 2.25
1903 2.29 2.29
1904 2.14 2.14
1905 2.13 2.13
1906 2.27 2.27
1907 2.28 2.28
1908 2.06 2.06
1909 2.19  
1910 2.17  
1911 2.07  
1912 2.12  
1913 2.15  
1914 1.88  
1915 1.87  
1916 2.09  
1917 2.15  
1918 2.47  
1919 2.25  
1920 2.18  
1921 1.88  
1922 1.87  
1923 2.02  
1924 1.95  
1925 1.87  
1926 1.94  
1927 1.86  
1928 1.83  
1929 1.94  
1930 1.68  
1931 1.45  
1932 1.24  
1933 1.32  
1934 1.47  
1935 1.49  
1936 1.57  
1937 1.64  
1938 1.51  
1939 1.50  
1940 1.48  
1941 1.58  
1942 1.82  
1943 1.75  
1944 1.61  
1945 1.37  
1946 1.16  
1947 1.23  
1948 1.34  
1949 1.33  
1950 1.44  
1951 1.61  
1952 1.60  
1953 1.62  
1954 1.56  
1955 1.65  
1956 1.70  
1957 1.74  
1958 1.67  
1959 1.74  
1960 1.79  
1961 1.76  
1962 1.80  
1963 1.79  
1964 1.80  
1965 1.81  
1966 1.84  
1967 1.80  
1968 1.80  
1969 1.82  
1970 1.82  
1971 1.77  
1972 1.77  
1973 1.80  
1974 1.78  
1975 1.76  
Phase Mid-phase date Phase-average velocity (unadjusted for financial sophistication) Phase-average velocity (adjusted for financial sophistication)
1 1868.5    
2 1870    
3 1872    
4 1876 4.74 2.38
5 1880.5 4.88 2.74
6 1884 3.95 2.42
7 1886.5 3.40 2.22
8 1888 3.22 2.19
9 1889.5 3.08 2.17
10 1891 2.98 2.18
11 1892 2.92 2.19
12 1893.5 2.82 2.20
13 1895 2.65 2.14
14 1896 2.68 2.22
15 1898 2.59 2.26
16 1900 2.49 2.28
17 1902 2.38 2.29
18 1904 2.21 2.21
19 1906 2.20  
20 1908 2.17  
21 1909.5 2.15  
22 1911 2.12  
23 1912.5 2.11  
24 1914 2.01  
25 1916.5 2.06  
26 1919 2.36  
27 1920 2.21  
28 1921 2.02  
29 1922.5 1.91  
30 1924 1.99  
31 1925.5 1.91  
32 1927 1.90  
33 1928.5 1.86  
34 1931 1.56  
35 1935 1.45  
36 1938 1.58  
37 1941.5 1.61  
38 1945.5 1.36  
39 1947.5 1.24  
40 1949 1.33  
41 1951.5 1.53  
42 1954 1.59  
43 1956 1.66  
44 1958 1.70  
45 1959.5 1.73  
46 1961 1.78  
47 1964 1.80  
48 1967 1.82  
49 1968.5 1.81  
50 1970 1.82  
51 1972 1.78  
52 1974.5 1.78  

Return to text.

Last Update: May 11, 2017