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Brad DeLong wrote: 
 
<< There is the old _A Program for Monetary Stability_ response: if 
velocity  
is unstable, impose regulations on the banking system--100% reserves, and 
so  
forth--until velocity is stable...>> 
 
Speaking in terms of the EOE model, there is also a question as to which 
form of the model is the most appropriate for determining the efficient 
growth rate in total money, that is, should we adopt the transactions or 
income approach? 
 
Before Friedman, those advocating the money-growth rule were generally 
split into two camps.  For example, Carl Synder favored the use of Vt and 
T, transactions velocity and total transactions, while Lionel Edie favored 
Vy and Y, income velocity and current output.  Unfortunately, the question 
was never resolved as all research on the transactions approach came to a 
halt long before Friedman's rise to social prominence as an advocate of the 
Cambridge approach to monetary theory. 
 
Chas Anderson 
 
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