Relative prices in the UK personal sector money demand function.
A study was conducted using Varian's (1982) nonparametric technique of demand analysis to establish whether various subgroupings of monetary assets are weakly separable in a fully specified utility function containing goods, services, leisure, and monetary assets and whether commodities/goods are we...
| Published in: | Economic Journal Vol. 106; pp. 1209 - 1227 |
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| Format: | Article |
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Wiley-Blackwell
September 1996
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| Online Access: | View this record in EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=512844353&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 512844353 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00130133 EJN jtl: Economic Journal issn: 00130133 maglogo: N pubinfo: dt: September 1996 vid: 106 pid: 480 pub: Wiley-Blackwell artinfo: ui: 512844353 10.2307/2235516 ppf: 1209 ppct: 18 formats: tig: atl: Relative prices in the UK personal sector money demand function. aug: au: Drake, Leigh su: Mathematical models of economics Demand for money Nonparametric statistics Mathematical models of consumption Commercial products Prices -- Mathematical models sug: subj: Mathematical models of economics Demand for money Nonparametric statistics Mathematical models of consumption Commercial products Prices -- Mathematical models keyword: Prices -- Great Britain -- Mathematical models ab: A study was conducted using Varian's (1982) nonparametric technique of demand analysis to establish whether various subgroupings of monetary assets are weakly separable in a fully specified utility function containing goods, services, leisure, and monetary assets and whether commodities/goods are weakly separable in the consumer's utility function. Findings from long-run cointegration analysis, short-run error correction models, and non-nested testing confirmed that relative prices play a role in the money demand function of the personal sector in the U.K., with the relative prices of durables, nondurables, and services appearing to be significant explanatory variables in the long-run money demand specification. In addition, the findings suggested that the conventional money demand specification has a tendency to overestimate the personal sector's speed of adjustment of money holdings in response to disequilibrium. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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