Abstract
This paper reexamines the demand for money in the United Kingdom in the pre-1914 period. The performance of alternative income, interest-rate, and money-stock data is compar ed. The preferred equation relates the real demand for money to incom e, the own rate of return on money, the short-term bill rate, and the yield on consols. This model encompasses previous specifications by having smaller residual variance and by providing a broader menu of r elevant asset yields in consistence with the asset theory of the dema nd for money. Copyright 1987 by Blackwell Publishing Ltd
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