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MONETARY ANTICIPATONS AND THE DEMAND FOR MONEY SOME UK EVIDENCE (1986)

Cuthbertson, K.

Oxford, UK : Blackwell Publishing Ltd

Bulletin of economic research 38 (1986), S. 0

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ISSN: 1467-8586

Source: Blackwell Publishing Journal Backfiles 1879-2005

Topics: Economics

Notes: The Carr-Darby ‘shock-absorber’ hypothesis, that unanticipated changes in the money supply influence the demand for real money balances but anticipated changes do not, is tested on UK data for narrow money, M1. For comparison with earlier studies on US data we take the (real first order) partial adjustment model as one example of a ‘conventional’ demand for money function. However the Carr-Darby hypothesis is also tested taking a more general autoregressive distributed lag model as the ‘conventional’ demand function. For both ‘conventional’ demand for money functions we find that the shock-absorber hypothesis is not supported for M1 using UK data.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1111/j.1467-8586.1986.tb00220.x

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