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The demand for broad money in the United Kingdom, 1878-1993.

Abstract:

Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empirical model of the demand for broad money in the United Kingdom over 1878-1975. We update that model over 1976-1993, accounting for changed data definitions and clarifying the concept of constancy. With appropriate measures of opportunity cost and credit deregulation, the model's parameters are empirically constant over the extended sample, which was economically turbulent. Policy implications fo...

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Publisher:
Federal Reserve Board (U.S.)
Series:
International Finance Discussion Papers
Publication date:
1997-01-01
Language:
English
UUID:
uuid:a70793a6-de53-47cc-95c8-ea8cd80a8ab0
Local pid:
oai:economics.ouls.ox.ac.uk:11557
Deposit date:
2011-08-16

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