HOUSEHOLD‐SECTOR MONEY DEMAND FOR THE UK

Rakesh Bissoondeeal, Barry Jones, Jane M. Binner and Andrew W. Mullineux

Manchester School, 2010, vol. 78, issue s1, 90-113

Abstract: We test for the existence of a long‐run money demand relationship for the UK involving household‐sector Divisia and simple sum monetary indexes for the period from 1977 to 2008. We construct our Divisia index using non‐break‐adjusted levels and break‐adjusted flows following the Bank of England. We test for cointegration between the real Divisia and simple sum indexes, their corresponding opportunity cost measures, real income and real share prices. Our results support the existence of a long‐run money demand relationship for both the Divisia and simple sum indexes.

Date: 2010
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https://doi.org/10.1111/j.1467-9957.2010.02207.x

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