The demand for M0 in the United Kingdom reconsidered: some specification issues

Norbert Janssen

Bank of England working papers from Bank of England

Abstract: This paper provides tests of an econometric model of the demand for UK M0. The existence of a long-run cointegrating relationship between M0 and key economic variables is established and a plausible dynamic error-correction model is estimated. A model that passes standard specification tests is achieved without resort to arbitrary proxies for financial innovation. Some of the recent decline in M0 velocity is explained by the move to a lower inflation environment.

Date: 1998-08
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Citations: View citations in EconPapers (9)

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