Should Buffer Stock Theorists Be Broad- or Narrow-Minded? Some Answers from Aggregate U.K. Data: 1966-1989
A long-run solution for U.K aggregate M1 and M4 is found using the Engle-Granger (1987) and Johansen (1988) cointegration techniques and this is incorporated into a vector autoregressive model of the Forward-Looking Rational Expectations Buffer Stock Model of Cuthbertson and Taylor (1987). The validity of the model is tested by a non-linear Wald test and the stability of the model is examined for each aggregate, using variance ratio analysis. Under these stability tests, the broader definition of money, M4, was found to be a more appropriate buffer aggregate than M1, supporting the theoretical postulate proposed by Bain and McGregor (1985), Cuthbertson and Taylor (1987), and Muscatelli (1988, 1989, 1990). Copyright 1992 by Blackwell Publishers Ltd and The Victoria University of Manchester
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Volume (Year): 60 (1992)
Issue (Month): 4 (December)
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