Modeling the Demand for U.K. Broad Money, 1871-1913

Mark P. Taylor

14 citations0/0 files storedThe Review of Economics and Statistics

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

Abstract

In this paper, the author obtains and interprets estimates of short- and long-run demand for money in the United King dom in the period 1871-1913 utilizing high-quality data on broad money and its determinants and applying recent econometric techniques. A unique, theoretically consistent long-run function is estimated as well as a short-run dynamic demand function that is formally superio r to a number of previous estimates. Copyright 1993 by MIT Press.

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References

1981Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root 1983Asymptotic Properties of Instrumental Variables Statistics for Testing Non-Nested Hypotheses 1980Money Demand Responsiveness to the Rate of Return on Money: A Methodological Critique

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