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A New Test of the Buffer Stock Money Hypothesis

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  • Browne, Francis X

Abstract

The author finds strong evidence for a buffer stock role for money balances using Irish data. The results obtained are not subject to the criticisms made by MacKinnon and Milbourne (1984) in relation to previous attempts to test the "cash balance as shock absorber" hypothesis by Laidler (1980) and Carr and Darby (1981). This is for two reasons: firstly, emphasis is laid on the role of the reserve currency country (here the United Kingdom) rather than the small open economy itself (Ireland) as the primary money creator for the latter and, secondly, added to this, the use of an empirical approach which avoids the econometric pitfall dealt with by MacKinnon and Milbourne. Copyright 1989 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Browne, Francis X, 1989. "A New Test of the Buffer Stock Money Hypothesis," The Manchester School of Economic & Social Studies, University of Manchester, vol. 57(2), pages 154-171, June.
    • Handle: RePEc:bla:manch2:v:57:y:1989:i:2:p:154-71
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    Cited by:

    1. Browne, Frank & Doran, David, 2007. "Addressing Puzzles in Monetary Dynamics," Quarterly Bulletin Articles, Central Bank of Ireland, pages 121-166, October.
    2. Nicholas Apergis, 2001. "Reassessing the role of buffer stock money under oil price shocks," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 29(1), pages 20-30, March.

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