Using annual data from M. Friedman and A. Schwartz (1982), D. F. Hendry and N. R. Ericsson (1991) developed an empirical model of the demand for broad money in the United Kingdom over 1878-75. The authors update that model over 1976-93, 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 follow for parameter nonconstancy and predictive failure, causation between money and prices, monetary targeting, deregulation and financial innovation, and the effect of policy on economic agents' behavior
PurposeThis paper empirically investigates the effect of economic policy uncertainty (EPU) on the UK...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...
Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empiri...
Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empiri...
Using data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an annual model ...
Using data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an annual model ...
This paper examines several central issues in the empirical modeling of money demand. These issues i...
This paper evaluates an empirical model of UK money demand developed by Friedman and Schwartz in Mon...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
Several studies have developed empirical models of U.K. money demand using the century o...
Despite the importance of well-specified empirical money-demand functions for inference, forecasting...
Empirical work based on portfolio theories of the demand for money traditionally treat the quantity ...
PurposeThis paper empirically investigates the effect of economic policy uncertainty (EPU) on the UK...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...
Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empiri...
Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empiri...
Using data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an annual model ...
Using data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an annual model ...
This paper examines several central issues in the empirical modeling of money demand. These issues i...
This paper evaluates an empirical model of UK money demand developed by Friedman and Schwartz in Mon...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
This paper evaluates an empirical model of U.K. money demand developed by Milton Friedman and Anna J...
Several studies have developed empirical models of U.K. money demand using the century o...
Despite the importance of well-specified empirical money-demand functions for inference, forecasting...
Empirical work based on portfolio theories of the demand for money traditionally treat the quantity ...
PurposeThis paper empirically investigates the effect of economic policy uncertainty (EPU) on the UK...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...
Since the influential works of Friedman and Schwartz (1963, 1982) on the monetary history of the Uni...