Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom

David Hendry, Kevin M. Prestwich () and Neil Ericsson
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Kevin M. Prestwich: AMS-American Management Systems, 12601 Fair Lakes Circle, Fairfax, Virginia 22033, USA

Empirical Economics, 1998, vol. 23, issue 3, 415 pages

Abstract: Several studies have developed empirical models of U.K. money demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an annual model from Ericsson, Hendry, and Prestwich (1998a), whereas models based on the phase-average data fare poorly.

Keywords: constancy; ·; encompassing; ·; Friedman; and; Schwartz; ·; money; demand; ·; phase; averaging (search for similar items in EconPapers)
JEL-codes: C52 E41 (search for similar items in EconPapers)
Date: 1998-09-01
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