英国家庭部门的货币需求和新千年的货币总量

IF 0.7 4区经济学 Q3 ECONOMICS

Macroeconomic Dynamics Pub Date : 2023-03-17 DOI:10.1017/s1365100522000724

Adrian R. Fleissig, B. Jones

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引用次数: 3

摘要

我们使用1999年至2019年(包括全球金融危机期间)的季度数据，估计了英格兰银行家庭部门英国货币总量各组成部分之间的替代弹性。活期存款系统包括货币金融机构的有息活期存款和定期存款，因为银行(不包括互助银行)和互助银行的存款数据不再单独公布。我们发现，与非计息货币资产的用户成本变化相关的替代弹性意味着对所有或几乎所有样本的非弹性替代，因此，传统的货币总量相对于Divisia货币总量将是一个极具误导性的经济指标。

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UK household-sector money demand and Divisia monetary aggregates in the new millennium

We estimate elasticities of substitution between components of the Bank of England’s household-sector UK Divisia monetary aggregate using quarterly data from 1999 to 2019, encompassing the period surrounding the global financial crisis. The demand system includes interest-bearing sight and time deposits at monetary financial institutions as components, since deposit data for banks (excluding mutuals) and for mutuals are no longer published separately. We find that the elasticities of substitution that relate to changes in the user cost of noninterest-bearing monetary assets imply inelastic substitution over all or almost all of the sample and, consequently, a conventional monetary aggregate would be a highly misleading economic indicator relative to a Divisia monetary aggregate.

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来源期刊

Macroeconomic Dynamics ECONOMICS-

CiteScore

2.10

自引率

11.10%

发文量

期刊介绍： Macroeconomic Dynamics publishes theoretical, empirical or quantitative research of the highest standard. Papers are welcomed from all areas of macroeconomics and from all parts of the world. Major advances in macroeconomics without immediate policy applications will also be accepted, if they show potential for application in the future. Occasional book reviews, announcements, conference proceedings, special issues, interviews, dialogues, and surveys are also published.