Beenstock, Michael; Chan, Kam-Fai - C.E.P.R. Discussion Papers - 1986
We use annual data drawn from 1950-85 to estimate an econometric model of the money multiplier for the United Kingdom. We define the money multiplier as ratio of the money stock broadly defined (M3) and the monetary base (M0), and then decompose the multiplier into the currency ratio, the time...