Modeling the Demand for U.K. Broad Money, 1871-1913

Mark Taylor

The Review of Economics and Statistics, 1993, vol. 75, issue 1, 112-17

Abstract: In this paper, the author obtains and interprets estimates of short- and long-run demand for money in the United King dom in the period 1871-1913 utilizing high-quality data on broad money and its determinants and applying recent econometric techniques. A unique, theoretically consistent long-run function is estimated as well as a short-run dynamic demand function that is formally superio r to a number of previous estimates. Copyright 1993 by MIT Press.

Date: 1993
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