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LM3 Surprises and Asset Prices

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  • MacDonald, Ronald
  • Torrance, Thomas S

Abstract

In this paper, the relationship between unanticipated sterling M3 and a variety of asset prices is investigated for part of the United Kingdom's experience with monetary targeting using survey data. It is demonstrated that the U.K. survey data are r ational in that they are an unbiased and efficient forecast, and that the market efficiently incorporates unanticipated money growth into asset prices. The sign of the unanticipated monetary component in our asset-price equations tends to indicate that the Fisher (or inflatio n expectations) hypothesis is well supported during the sample period. Copyright 1987 by The Review of Economic Studies Limited.

Suggested Citation

  • MacDonald, Ronald & Torrance, Thomas S, 1987. "LM3 Surprises and Asset Prices," Economica, London School of Economics and Political Science, vol. 54(216), pages 505-515, November.
    • Handle: RePEc:bla:econom:v:54:y:1987:i:216:p:505-15
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    1. Drummond, Michael & Stoddart, Greg, 1995. "Assessment of health producing measures across different sectors," Health Policy, Elsevier, vol. 33(3), pages 219-231, September.
    2. Drummond, Michael & Jonsson, Bengt & Rutten, Frans, 1997. "The role of economic evaluation in the pricing and reimbursement of medicines," Health Policy, Elsevier, vol. 40(3), pages 199-215, June.
    3. Johannesson, Magnus & O'Conor, Richard M., 1997. "Cost-utility analysis from a societal perspective," Health Policy, Elsevier, vol. 39(3), pages 241-253, March.
    4. Fox-Rushby, Julia A. & Foord, Frances, 1996. "Costs, effects and cost-effectiveness analysis of a mobile maternal health care service in West Kiang, The Gambia," Health Policy, Elsevier, vol. 35(2), pages 123-143, February.
    5. Johnnesson, Magnus, 1995. "Economic evaluation of health care and policymaking," Health Policy, Elsevier, vol. 33(3), pages 179-190, September.
    6. Blumenschein, Karen & Johannesson, Magnus, 1996. "Incorporating quality of life changes into economic evaluations of health care: an overview," Health Policy, Elsevier, vol. 36(2), pages 155-166, May.
    7. Johannesson, Magnus & Johansson, Per-Olov, 1997. "A note on prevention versus cure," Health Policy, Elsevier, vol. 41(3), pages 181-187, September.
    8. Maynard, Alan & Bloor, Karen, 1995. "Primary care and health care reform: the need to reflect before reforming," Health Policy, Elsevier, vol. 31(3), pages 171-181, March.
    9. Baltussen, Rob & Ament, Andre & Leidl, Reiner, 1996. "Making cost assessments based on RCTs more useful to decision-makers," Health Policy, Elsevier, vol. 37(3), pages 163-183, September.
    10. Gerard, Karen & Smoker, Irenie & Seymour, Janelle, 1999. "Raising the quality of cost-utility analyses: lessons learnt and still to learn," Health Policy, Elsevier, vol. 46(3), pages 217-238, March.
    11. Szeto, Kam Leong & Devlin, Nancy J., 1996. "The cost-effectiveness of mammography screening: evidence from a microsimulation model for New Zealand," Health Policy, Elsevier, vol. 38(2), pages 101-115, November.
    12. Monrad Aas, I. H., 1995. "Incentives and financing methods," Health Policy, Elsevier, vol. 34(3), pages 205-220, December.
    13. Salkeld, Glenn & Phongsavan, Philayrath & Oldenburg, Brian & Johannesson, Magnus & Convery, Paula & Graham-Clarke, Peita & Walker, Sheila & Shaw, John, 1997. "The cost-effectiveness of a cardiovascular risk reduction program in general practice," Health Policy, Elsevier, vol. 41(2), pages 105-119, August.

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