Demand for broad money in the UK
| العنوان: | Demand for broad money in the UK |
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| المؤلفون: | Michael Sumner |
| المصدر: | Applied Financial Economics. 6:393-399 |
| بيانات النشر: | Informa UK Limited, 1996. |
| سنة النشر: | 1996 |
| مصطلحات موضوعية: | Inflation, Rate of return, Economics and Econometrics, Opportunity cost, media_common.quotation_subject, Bond, Broad money, Monetary economics, Interest rate, Money illusion, Economics, Explanatory power, Finance, media_common |
| الوصف: | The allocation of disposable income between consumers' expenditure and saving dominates GDP in accounting for the scale of demand for broad money (M4), in the qualitative sense of explaining seasonal variations without resort to an implausible extraneous cycle in tastes for holding money, as well as in conventional statistical terms. Both the rates of return on alternative assets and the own-rate on CDs, the highest yielding component of M4, have plausible and well-determined effects on money demand in both the short and long run. The CD rate has markedly greater explanatory power than bank deposit rate, and its non-cointegration with the bond rate accounts for the long-run influence of interest rates. The effect of inflation is identified by its persistence in the error-correction model as an opportunity cost, important for small-scale participants who faced negative pre-tax real returns on deposits during more than half the sample, and not as a manifestation of money illusion. |
| تدمد: | 1466-4305 0960-3107 |
| الوصول الحر: | https://explore.openaire.eu/search/publication?articleId=doi_________::682feba51b112289d0b4f7e0466095baTest https://doi.org/10.1080/096031096334024Test |
| رقم الانضمام: | edsair.doi...........682feba51b112289d0b4f7e0466095ba |
| قاعدة البيانات: | OpenAIRE |
| تدمد: | 14664305 09603107 |
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