Comment on N.R. Ericsson, D.F. Hendry and K.M. Prestwich, "The Demand for Broad Money in the United Kingdom, 1878-1993."

Article Abstract:

Issues were raised with regards to the empirical analysis made by Ericsson, Hendry and Prestwich involving money demand in the United Kingdom from 1878 to 1993. With regards to equilibrium correction term, it was noted that the nonlinear form of the equilibrium correction term was identified mainly through the latter years of the research' covered period. Such finding was based on the location of the 'observations' which tend to vary in relation to different periods.

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Comment on N.R. Ericsson, D.F. Hendry and K.M. Prestwich, "The Demand for Broad Money in the United Kingdom, 1878-1993."

Article Abstract:

Majority of the findings made by Ericsson, Hendry and Prestwich involving broad money demand in the United Kingdom from 1878 to 1993 are almost parallel to findings of the original work made during 1991. In terms of money demand equation, its parameters remained constant in the model extension made by Hendry and Ericsson. In terms of the variables used in the model, all of them are found to be integration of order one.

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The demand for broad money in the United Kingdom, 1878-1993

Article Abstract:

A framework for economic extensions of empirical models was utilized to assess the demand for broad money in the United Kingdom from 1878 to 1993. The framework, which was implemented to Hendry and Ericsson's work, was able to derive a measure that relies on the proportion of non-interest-bearing money. Such measure enables the cointegrating vector to remain constant for the extended sample.

United Kingdom, Economic aspects

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