The Determination of Sterling M3, 1963-88: An Evolutionary Macroeconomic Approach

John Foster ()

Economic Journal, 1992, vol. 102, issue 412, 481-96

Abstract: An evolutionary approach, which focuses upon the behavior of banks and their institutional links with the Bank of England, is used to understand the process of Sterling M3 determination over 1963-88. It is argued, on several grounds, that this supply-side approach is more fruitful than one that applies money demand theory. Furthermore, the econometric methodology adopted is different to that generally found in the money-demand literature. In addition to the discovery of a stable evolutionary model of Sterling M3, an important finding is that property prices are influential in its determination. Copyright 1992 by Royal Economic Society.

Date: 1992
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