Friedman and Schwartz (1982) revisited: Assessing annual and phase-average models of money demand in the United Kingdom

Several studies have developed empirical models of U.K. money demand using the century of annual and phase-average data in Friedman and Schwartz (1982). The current paper evaluates key models from those studies, employing tests of constancy and encompassing. The evidence strongly favors an annual model from Ericsson, Hendry, and Prestwich (1998a), whereas models based on the phase-average data fare poorly.

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Year of publication:	1998-09-01
Authors:	Hendry, David F. ; Prestwich, Kevin M. ; Ericsson, Neil R.
Published in:	Empirical Economics. - Department of Economics and Finance Research and Teaching. - Vol. 23.1998, 3, p. 401-415
Publisher:	Department of Economics and Finance Research and Teaching
Subject:	constancy \| encompassing \| Friedman and Schwartz \| money demand \| phase averaging

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Extent:	application/pdf
Type of publication:	Article
Classification:	E41 - Demand for Money ; C52 - Model Evaluation and Testing
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005382447