HOUSEHOLD‐SECTOR MONEY DEMAND FOR THE UK

Rakesh K. Bissoondeeal · Barry E. Jones · Jane M. Binner · Andrew W. Mullineux

17 citations0/0 files storedManchester School

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

We test for the existence of a long‐run money demand relationship for the UK involving household‐sector Divisia and simple sum monetary indexes for the period from 1977 to 2008. We construct our Divisia index using non‐break‐adjusted levels and break‐adjusted flows following the Bank of England. We test for cointegration between the real Divisia and simple sum indexes, their corresponding opportunity cost measures, real income and real share prices. Our results support the existence of a long‐run money demand relationship for both the Divisia and simple sum indexes.

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1979Distribution of the Estimators for Autoregressive Time Series with a Unit Root 2001Bounds testing approaches to the analysis of level relationships 1988Statistical analysis of cointegration vectors 1990MAXIMUM LIKELIHOOD ESTIMATION AND INFERENCE ON COINTEGRATION — WITH APPLICATIONS TO THE DEMAND FOR MONEY 1979Distribution of the Estimators for Autoregressive Time Series With a Unit Root 2000Inflation and Welfare 1980Economic monetary aggregates an application of index number and aggregation theory 1978The user cost of money

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