PERSONAL SECTOR MONEY DEMAND IN THE UK

Leigh M. Drake · K. Alec Chrystal

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

Abstract

Non-parametric demand analysis is utilised to establish weakly separable subsets of monetary assets for the UK personal sector in the context of a utility function consisting of durable and non-durable consumption goods, services, leisure, and monetary assets The admissible collections of assets are then combined using Divisia aggregation in order to produce monetary aggregates which are consistent with economic aggregation theory We investigate the money demand properties of the aggregates and find relatively simple, stable long-run money-demand functions for the UK personal sector with well determined error correction dynamics.

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References

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2001Consumption, money and lending: a joint model for the UK household sector 2005A Dynamic Model of Money, Credit, and Consumption: A Joint Model for the UK Household Sector 2008Admissible monetary aggregates for the euro area 2004A New Empirically Weighted Monetary Aggregate for the United States 2003A Semi‐nonparametric Approach to the Demand for UK Monetary Assets 1996

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