MONEY SUBSTITUTES AND MONETARY POLICY IN THE U.K., 1922-1974.
In the U.K., following the publication of the Radcliffe Report, it was widely believed that monetary policy was impotent because any attempt to make use of monetary policy would be fully offset by perfect money substitutes which were not controlled by the monetary authorities. This paper tests wheth...
| Publicado en: | European Economic Review Vol. 10; no. 1; pp. 19 - 37 |
|---|---|
| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Elsevier B.V.
Oct77
|
| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=4934676&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 4934676 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 00142921 EER jtl: European Economic Review issn: 00142921 maglogo: N pubinfo: dt: Oct77 vid: 10 iid: 1 pid: 1004 pub: Elsevier B.V. artinfo: ui: 4934676 10.1016/0014-2921(77)90023-X ppf: 19 ppct: 18 formats: tig: atl: MONEY SUBSTITUTES AND MONETARY POLICY IN THE U.K., 1922-1974. aug: au: Mills, T. C. Wood, G. E. affil: University of Leeds, Leeds, England City University, London, England su: Monetary policy Money market Financial institutions Interest rate parity theorem Foreign exchange rates Demand for money Economic policy Economics United Kingdom sug: subj: United Kingdom Monetary policy Money market Financial institutions Interest rate parity theorem Foreign exchange rates Demand for money Economic policy Economics ab: In the U.K., following the publication of the Radcliffe Report, it was widely believed that monetary policy was impotent because any attempt to make use of monetary policy would be fully offset by perfect money substitutes which were not controlled by the monetary authorities. This paper tests whether such substitutes exist. The technique is to fit a money demand function to a long run of data allowing the interest elasticity to vary from observation to observation, and using a procedure which permits infinite values of the elasticity. it was found that, although the elasticity does vary, no observation was consistent with the Radcliffe view. This was true for both interest rates tried, and the function proved very stable when tested. We conclude that the Radcliffe Hypothesis can be decisively rejected. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 1977 holdings: @attributes: islocal: N |
|---|