IDEAS home Printed from https://ideas.repec.org/a/bla/manch2/v64y1996i1p70-78.html
   My bibliography  Save this article

Modelling the Demand for M4 in the U.K

Author

Listed:
  • Hurn, A S
  • Muscatelli, V A

Abstract

In this paper, the authors report a demand function for M4 which is identified as the key broad aggregate in the current U.K. financial environment. They estimate dynamic equations over the period 1968-92, which impose long-run elasticities obtained from the Johansen maximum likelihood procedure in terms of the now familiar two-stage approach to modeling cointegrated time series. The results indicate that properly specified demand functions yield significant interest rate effects in both the long-run solutions and the short-run dynamics. Furthermore, notwithstanding the institutional changes in the financial sector over the data period, the estimated equation yields stable parameter estimates. Copyright 1996 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Hurn, A S & Muscatelli, V A, 1996. "Modelling the Demand for M4 in the U.K," The Manchester School of Economic & Social Studies, University of Manchester, vol. 64(1), pages 70-78, March.
  • Handle: RePEc:bla:manch2:v:64:y:1996:i:1:p:70-78
    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. Howells, Peter & Hussein, Khaled, 1997. "The demand for money: Total transactions as the scale variable," Economics Letters, Elsevier, vol. 55(3), pages 371-377, September.

    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:manch2:v:64:y:1996:i:1:p:70-78. 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). General contact details of provider: http://edirc.repec.org/data/semanuk.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.