Hasan, Mohammad S (1998) The choice of appropriate monetary aggregates in the United Kingdom. Applied Economics Letters, 5 (9). pp. 563-568. ISSN 1350-4851.
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This paper re-examines the relationship between alternative monetary aggregates (MO and M4) and other macroeconomic variables in the United Kingdom. The results of a five-variable VAR analysis are indicative of bidirectional causality between each of the monetary aggregates and real output. Our findings of a feedback relationship between MO-real income, and M4-real income makes each of the monetary aggregates a poor intermediate target variable. Moreover, contrary to most research work in this area, we find a feedback relationship between MO and prices which appears to support the monetary accomodation hypothesis.
|Subjects:||H Social Sciences|
|Divisions:||Faculties > Social Sciences > Kent Business School > Accounting and Finance|
|Depositing User:||Rebecca Stevenson|
|Date Deposited:||27 Jan 2010 12:11|
|Last Modified:||27 Jan 2010 12:11|
|Resource URI:||http://kar.kent.ac.uk/id/eprint/23610 (The current URI for this page, for reference purposes)|
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