Hendry, David F.; Prestwich, Kevin M.; Ericsson, Neil R. - In: Empirical Economics 23 (1998) 3, pp. 401-415
Several studies have developed empirical models of U.K. money demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an...