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A Buffer Stock Model of the Demand for Money by the Personal Sector

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  • Mizen, Paul

Abstract

This paper examines the forward-looking rational expectations buffer stock model of Cuthbertson and Taylor (1987) in the context of the personal sector of the UK. The buffer stock model is evaluated for both narrow and broad money definitions in the UK using the encompassing the VAR methodology of Mizon (1984). This suggests that the buffer stock model is a congruent model, and that the broad definition is the most appropriate aggregate with which to model buffering behaviour--in line with previous studies, Mizen (1992). Further analysis of the models, in the light of Hendry (1988), confirms this view. Copyright 1994 by Blackwell Publishing Ltd and the Board of Trustees of the Bulletin of Economic Research

Suggested Citation

  • Mizen, Paul, 1994. "A Buffer Stock Model of the Demand for Money by the Personal Sector," Bulletin of Economic Research, Wiley Blackwell, vol. 46(4), pages 315-330, October.
    • Handle: RePEc:bla:buecrs:v:46:y:1994:i:4:p:315-30
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    Cited by:

    1. Huang, Tai-Hsin & Shen, Chung-Hua, 2002. "Seasonal cointegration and cross-equation restrictions on a forward-looking buffer stock model of money demand," Journal of Econometrics, Elsevier, vol. 111(1), pages 11-46, November.
    2. Koutsomanoli-Filippaki, Anastasia & Mamatzakis, Emmanuel & Staikouras, Christos, 2009. "Banking inefficiency in Central and Eastern European countries under a quadratic loss function," Emerging Markets Review, Elsevier, vol. 10(3), pages 167-178, September.
    3. Koutsomanoli-Filippaki, Anastasia & Mamatzakis, Emmanuel C., 2010. "Estimating the speed of adjustment of European banking efficiency under a quadratic loss function," Economic Modelling, Elsevier, vol. 27(1), pages 1-11, January.
    4. Mamatzakis, E & Koutsomanoli, A, 2009. "European Banking Integration under a Quadratic Loss Function," MPRA Paper 19379, University Library of Munich, Germany.

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