Relative Prices in the UK Personal Sector Money Demand Function.
Nonparametric demand analysis is used in order to establish admissible monetary aggregates and also to establish a potential role for relative prices in the money demand function. A conventional money demand specification is then contrasted with a money demand function which contains the relative prices of durables, nondurables, and services as additional regressors. Evidence from long-run cointegration analysis, short-run error correction models, and nonnested testing all confirm a role for relative prices in the U.K. personal sector's money demand function. Copyright 1996 by Royal Economic Society.
Year of publication: |
1996
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Authors: | Drake, Leigh |
Published in: |
Economic Journal. - Royal Economic Society - RES, ISSN 1468-0297. - Vol. 106.1996, 438, p. 1209-26
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Publisher: |
Royal Economic Society - RES |
Saved in:
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