The Demand for Money in the United Kingdom, 1875-1913

Jan Tore Klovland

Oxford Bulletin of Economics and Statistics, 1987, vol. 49, issue 3, 251-71

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

Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:bla:obuest:v:49:y:1987:i:3:p:251-71

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