A Buffer Stock Model of the Demand for Money by the Personal Sector

Paul Mizen

Bulletin of Economic Research, 1994, vol. 46, issue 4, 315-30

Abstract: This paper examines the forward-looking rational expectations buffer stock model of Cuthbertson and Taylor (1987) in the context of the personal sector of the UK. The buffer stock model is evaluated for both narrow and broad money definitions in the UK using the encompassing the VAR methodology of Mizon (1984). This suggests that the buffer stock model is a congruent model, and that the broad definition is the most appropriate aggregate with which to model buffering behaviour--in line with previous studies, Mizen (1992). Further analysis of the models, in the light of Hendry (1988), confirms this view. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Date: 1994
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