The Determination of Sterling M3, 1963-88: An Evolutionary Macroeconomic Approach.
An evolutionary approach, which focuses upon the behavior of banks and their institutional links with the Bank of England, is used to understand the process of Sterling M3 determination over 1963-88. It is argued, on several grounds, that this supply-side approach is more fruitful than one that applies money demand theory. Furthermore, the econometric methodology adopted is different to that generally found in the money-demand literature. In addition to the discovery of a stable evolutionary model of Sterling M3, an important finding is that property prices are influential in its determination. Copyright 1992 by Royal Economic Society.
Year of publication: |
1992
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Authors: | Foster, John |
Published in: |
Economic Journal. - Royal Economic Society - RES, ISSN 1468-0297. - Vol. 102.1992, 412, p. 481-96
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Publisher: |
Royal Economic Society - RES |
Saved in:
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