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The Determinants of the Money Multiplier in the United Kingdom

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Author Info
Beenstock, Michael

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Abstract

An econometric model for the U.K. money (LM3) multiplier is estimated from annual data on the postwar period. The model consists of three behavioral equations: (1) the currency ratio in which the demand for currency varies inversely with interest rates on demand deposits; (2) a time deposit ratio in which the demand for time deposits varies inversely with the differential rates of interest and; (3) a bank reserve ratio in which the demand for reserves varies inversely with interest rates. The model is used to calculate dynamic multipliers and counterfactual simulations for financial innovations of the 1970s. Copyright 1989 by Ohio State University Press.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 21 (1989)
Issue (Month): 4 (November)
Pages: 464-80
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Handle: RePEc:mcb:jmoncb:v:21:y:1989:i:4:p:464-80

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. George M. Georgiou & George Syrichas, 1994. "The Underground Economy: An Overview and Estimates for Cyprus," Working Papers 1994, Central Bank of Cyprus. [Downloadable!]
  2. C. Gabriel Di Bella & David Hauner, 2005. "How Useful Is Monetary Econometrics in Low-Income Countries? The Case of Money Demand and the Multipliers in Rwanda," IMF Working Papers 05/178, International Monetary Fund. [Downloadable!]
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