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The Determination of Sterling M3, 1963-88: An Evolutionary Macroeconomic Approach

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  • Foster, John

Abstract

An evolutionary approach, which focuses upon the behavior of banks and their institutional links with the Bank of England, is used to understand the process of Sterling M3 determination over 1963-88. It is argued, on several grounds, that this supply-side approach is more fruitful than one that applies money demand theory. Furthermore, the econometric methodology adopted is different to that generally found in the money-demand literature. In addition to the discovery of a stable evolutionary model of Sterling M3, an important finding is that property prices are influential in its determination. Copyright 1992 by Royal Economic Society.

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  • Foster, John, 1992. "The Determination of Sterling M3, 1963-88: An Evolutionary Macroeconomic Approach," Economic Journal, Royal Economic Society, vol. 102(412), pages 481-496, May.
    • Handle: RePEc:ecj:econjl:v:102:y:1992:i:412:p:481-96
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    Cited by:

    1. Z. E. Badarudin & M. Ariff & A. M. Khalid, 2011. "Money supply endogeneity and bank stock returns," Applied Financial Economics, Taylor & Francis Journals, vol. 21(14), pages 1035-1048.

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