IDEAS home Printed from
MyIDEAS: Log in (now much improved!) to save this article

Should Buffer Stock Theorists Be Broad- or Narrow-Minded? Some Answers from Aggregate U.K. Data: 1966-1989

Listed author(s):
  • Mizen, Paul

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

To our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" 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.

Article provided by University of Manchester in its journal The Manchester School of Economic & Social Studies.

Volume (Year): 60 (1992)
Issue (Month): 4 (December)
Pages: 403-418

in new window

Handle: RePEc:bla:manch2:v:60:y:1992:i:4:p:403-18
Contact details of provider: Postal:
Manchester M13 9PL

Phone: (0)161 275 4868
Fax: (0)161 275 4812
Web page:

More information through EDIRC

No references listed on IDEAS
You can help add them by filling out this form.

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

When requesting a correction, please mention this item's handle: RePEc:bla:manch2:v:60:y:1992:i:4:p:403-18. 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-Blackwell Digital Licensing)

or (Christopher F. Baum)

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.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with 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 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.

This information is provided to you by IDEAS at the Research Division of the Federal Reserve Bank of St. Louis using RePEc data.