FINANCIAL INNOVATION, INFLATION AND THE STABIHTY OF THE DEMAND FOR BROAD MONEY IN THE UNITED KINGDOM

Mark P. Taylor

42 citations0/0 files storedBulletin of Economic Research

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Monetary Policy and Economic Impact Banking stability, regulation, efficiency Economic Theory and Policy

Abstract

ABSTRACT This note presents an estimate of a demand function for broad money (£M3) for the UK, 1964ii–1985iv. It shows no sign of structural instability due to Competition and Credit Control, and forecasts well for twenty quarters post‐sample (1981i‐1985iv). A key innovation is the allowance made for financial innovation by including the interest rate available on new, high‐interest chequing accounts in the equation.

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References

1982Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation 1976Econometric policy evaluation: A critique 1957Studies in the Quantity Theory of Money.1978Serial Correlation as a Convenient Simplification, Not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England 2000Serial Correlation as a Convenient Simplification, not a Nuisance: A Comment on a Study of the Demand for Money by the Bank of England 1982The Search for a Stable Money Demand Function: A Survey Of the Post-1973 Literature 1997The Demand for Money: Theories, Evidence, and Problems 1981Identification and Estimation of Money Demand

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2004Issues in Money Demand: The Case of Europe 1991Cointegration, error correction and the demand for money in Cyprus 1992The Determination of Sterling M3, 1963-88: An Evolutionary Macroeconomic Approach 2003A Semi‐nonparametric Approach to the Demand for UK Monetary Assets 1989ANTICIPATED AND UNANTICIPATED VARIABLES IN THE DEMAND FOR Ml IN THE U.K. *

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