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Assertion without empirical basis : an econometric appraisal of monetary trends in .. the United Kingdom, by Milton Friedman and Anna J. Schwartz.

Abstract:

This paper critically re-evaluates some of the fundamental empirical claims about monetary behavior in the United Kingdom made by Milton Friedman and Anna J. Schwartz in their 1982 book Monetary Trends in the United States and the United Kingdom. We focus on six aspects of their analysis: the exogeneity of money; their claims of the constancy and correct specification of their money-demand equation; their interpretation of a dummy variable in that equation as capturing a "shift in liquidity p...

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Authors


David F Hendry More by this author
Neil R Ericsson More by this author
Volume:
270
Publication date:
1985
URN:
uuid:6966d313-14a8-47b1-8640-e1b1335e0e2b
Local pid:
oai:economics.ouls.ox.ac.uk:11559
Language:
English

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