A Semi‐nonparametric Approach to the Demand for UK Monetary Assets
Bibliographic Data
| ID | 9726502 |
|---|---|
| Authors | Leigh Drake (Loughborough University), Adrian R Fleissig (0000-0002-8549-0963, California State University, Fullerton), James L Swofford (0000-0002-7578-6701, University of South Alabama) |
| Year | 2003 |
| Volume | 70 |
| Issue | 277 |
| Pages | 99-120 |
| Publication date | 2003-02-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economica (JOURNAL) |
| Journal identifiers | ISSN: 0013-0427 • E-ISSN: 1468-0335 |
| Publisher | Wiley (PUBLISHER • GB) |
| DOI | 10.1111/1468-0335.d01-49 |
| OpenAlex | W2083974304 |
| Language | EN |
| References cited | 51 |
We estimate an asymptotically ideal model of the demand for UK personal sector monetary assets. We use data that are consistent with utility‐maximizing behaviour, and find that UK monetary assets are generally substitutes in use. The estimated elasticities of substitution during the 1980s and the early 1990s indicate that a relatively broad monetary aggregate should be used in economic studies. The results also suggest that any policy based on interest or user cost elasticities of substitution between financial assets should be based on the Morishima elasticities, as the Allen–Uzawa calculation can give misleading results
Aggregate (composite) · Econometrics · Economics · Interest rate · Microeconomics · Monetary economics · Monetary policy · Nonparametric statistics · Substitution (logic) · Computer Science · Economic theories and models · Economics of Agriculture and Food Markets · Monetary Policy and Economic Impact
Economics and Consumer Behavior
The Nonparametric Approach to Demand Analysis
On the bias in flexible functional forms and an essentially unbiased form
A Comparison of Nonparametric Tests of Weak Separability for Annual and Quarterly Data on Consumption, Leisure, and Money
Translog Flexible Functional Forms and Substitutability of Monetary Assets
Money-Demand Variability
Dynamic Asymptotically Ideal Models and Finite Approximation
Nonparametric Demand Analysis of U.K. Personal Sector Decisions on Consumption, Leisure, and Monetary Assets
Nonparametric Tests of Utility Maximization and Weak Separability for Consumption, Leisure and Money
Serial Correlation as a Convenient Simplification, Not a Nuisance
Econometric Modelling
The Changing Empirical Definition of Money
Dynamic Demand Functions
Consumer Behaviour
Neoclassical Consumer Demand Theory and the Demand for Money
A Non-Parametric Analysis of Personal Sector Decisions on Consumption, Liquid Assets and Leisure
The Conduct of Monetary Policy
Relative Prices in the UK Personal Sector Money Demand Function
| Citation velocity | historical |
|---|---|
| Highly cited | No |