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Portfolio and Consumption Decisions: Towards a Model of the Transmission Process

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  • Douglas D. Purvis

Abstract

This paper argues that a key difference between the monetarists and the neo-Keynesians is their respective views about how monetary policy works. Both views are shown to be special cases of the integrated model developed. The model is presented in such a form that it is a relatively straightforward empirical exercise to test for the relative merits of the two special cases. Preliminary evidence for Australia is presented.

Suggested Citation

  • Douglas D. Purvis, 1976. "Portfolio and Consumption Decisions: Towards a Model of the Transmission Process," Working Paper 212, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:212
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    Cited by:

    1. Taylor, John C. & Clements, Kenneth W., 1983. "A simple portfolio allocation model of financial wealth," European Economic Review, Elsevier, vol. 23(2), pages 241-251.
    2. Sajjad Akhtar & Sajid Manzoor, 1994. "The Demand for Financial Assets in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 33(2), pages 135-146.

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