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The Demand for Money in the United Kingdom, 1875-1913

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  • Klovland, Jan Tore

Abstract

This paper reexamines the demand for money in the United Kingdom in the pre-1914 period. The performance of alternative income, interest-rate, and money-stock data is compar ed. The preferred equation relates the real demand for money to incom e, the own rate of return on money, the short-term bill rate, and the yield on consols. This model encompasses previous specifications by having smaller residual variance and by providing a broader menu of r elevant asset yields in consistence with the asset theory of the dema nd for money. Copyright 1987 by Blackwell Publishing Ltd

Suggested Citation

  • Klovland, Jan Tore, 1987. "The Demand for Money in the United Kingdom, 1875-1913," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(3), pages 251-271, August.
    • Handle: RePEc:bla:obuest:v:49:y:1987:i:3:p:251-71
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    Cited by:

    1. Berhanu, Denu, 2006. "Dynamic Money Demand Function for Ethiopia," Ethiopian Journal of Economics, Ethiopian Economics Association, vol. 12(2), pages 1-81, November.
    2. Ericsson, Neil R. & Campos, Julia & Tran, Hong-Anh, 1990. "Pc-Give and David Hendry'S Econometric Methodology," Brazilian Review of Econometrics, Sociedade Brasileira de Econometria - SBE, vol. 10(1), April.

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