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Testing for Financial Buffer Stocks in Sectoral Portfolio Models

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  • Owen, P Dorian

Abstract

Empirical implementation of the buffer stock money notion tends to concentrate either on the "shock absorber" aspects or the "spillover" ("disequilibrium money") aspects, but rarely combines both. Moreover, a potential buffer role for nonmoney assets is usually precluded without explicit empirical testing. This paper examines the role of financial buffers in an ex ante sectoral model of expenditure and portfolio behavior incorporating both the shock absorber and spillover aspects in terms of cross-equation parameter restrictions. These are tested for a range of different assets and liabilities using quarterly data for the U.K. personal sector. Copyright 1990 by MIT Press.

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  • Owen, P Dorian, 1990. "Testing for Financial Buffer Stocks in Sectoral Portfolio Models," The Review of Economics and Statistics, MIT Press, vol. 72(2), pages 286-295, May.
    • Handle: RePEc:tpr:restat:v:72:y:1990:i:2:p:286-95
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    Cited by:

    1. Dorian Owen, P., 1997. "Estimating portfolio models from financial flow data: A comment," Economic Modelling, Elsevier, vol. 14(2), pages 301-306, April.
    2. Paul Dalziel & Ross Cullen & Caroline Saunders, 2002. "Ranking research records of economics departments in New Zealand: Comment," New Zealand Economic Papers, Taylor & Francis Journals, vol. 36(1), pages 113-122.

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