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A note on the policy implications of using divisia consumption and monetary aggregates

Drake, Leigh M.; Fleissig, Adrian R. - In: Macroeconomic dynamics 12 (2008) 1, pp. 132-149

Persistent link: https://www.econbiz.de/10003653606

Potential biases in substitution estimates and violations of regularity conditions

Drake, Leigh M.; Fleissig, Adrian R. - In: Measurement error : consequences, applications and solutions, (pp. 27-60). 2009

Persistent link: https://www.econbiz.de/10003958180

Semi-Nonparametric Estimates of Currency Substitution : The Demand for Sterling in Europe

Drake, Leigh M.; Fleissig, Adrian R. - 2004

The paper presents new evidence of significant substitution between European domestic monetary assets and foreign holdings of sterling. The finding of significant cross-country currency substitution implies reduced costs of transition towards monetary union and easier European policy...

Persistent link: https://www.econbiz.de/10014070336

A Semi-Nonparametric Approach to the Demand for UK Monetary Assets

Drake, Leigh M.; Fleissig, Adrian R.; Swofford, James L. - 2003

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...

Persistent link: https://www.econbiz.de/10014088011

Adjusted Monetary Aggregates and UK Inflation Targeting

Drake, Leigh M. - 2010

This study shows how to construct monetary aggregates using a procedure to adjust the simple-sum, Divisia and empirical monetary aggregates to be consistent with weak separability. The corresponding adjusted monetary aggregates have considerable leading indicator information and provide the most...

Persistent link: https://www.econbiz.de/10012716832