IDEAS home Printed from https://ideas.repec.org/a/bla/econom/v70y2003i277p99-120.html
   My bibliography  Save this article

A Semi--nonparametric Approach to the Demand for UK Monetary Assets

Author

Listed:
  • Leigh Drake

    (Loughborough University)

  • Adrian R. Fleissig

    (California State University)

  • James L. Swofford

    (University of South Alabama)

Abstract

We estimate an asymptotically ideal model of the demand for UK personal sector monetary assets. We use data that are consistent with utility--maximizing behaviour, and find that UK monetary assets are generally substitutes in use. The estimated elasticities of substitution during the 1980s and the early 1990s indicate that a relatively broad monetary aggregate should be used in economic studies. The results also suggest that any policy based on interest or user cost elasticities of substitution between financial assets should be based on the Morishima elasticities, as the Allen--Uzawa calculation can give misleading results. Copyright The London School of Economics and Political Science 2003

Suggested Citation

  • Leigh Drake & Adrian R. Fleissig & James L. Swofford, 2003. "A Semi--nonparametric Approach to the Demand for UK Monetary Assets," Economica, London School of Economics and Political Science, vol. 70(277), pages 99-120, February.
  • Handle: RePEc:bla:econom:v:70:y:2003:i:277:p:99-120
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Haroon Sarwar & Zakir Hussain & Masood Sarwar, 2011. "A Semi-Nonparametric Approach to the Demand for Money in Pakistan," Lahore Journal of Economics, Department of Economics, The Lahore School of Economics, vol. 16(2), pages 87-110, Jul-Dec.
    2. repec:eee:chieco:v:50:y:2018:i:c:p:117-132 is not listed on IDEAS
    3. Per Hjertstrand & James Swofford, 2012. "Revealed preference tests for consistency with weakly separable indirect utility," Theory and Decision, Springer, vol. 72(2), pages 245-256, February.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:econom:v:70:y:2003:i:277:p:99-120. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley Content Delivery) or (Christopher F. Baum). General contact details of provider: http://edirc.repec.org/data/lsepsuk.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.