Buffer stock models and the demand for money:
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Buch |
| Sprache: | Nichtbestimmte Sprache |
| Veröffentlicht: |
New York, NY
St. Martin's Press u.a.
1994
|
| Ausgabe: | 1. publ. |
| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006609716&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Beschreibung: | Zugl.: Loughborough, Univ. of Technology, Diss., 1994 |
| Umfang: | XIII, 194 S. graph. Darst. |
| ISBN: | 033359598X 0333595998 0312123183 |
Internformat
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| 245 | 1 | 0 | |a Buffer stock models and the demand for money |c Paul Mizen |
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| 264 | 1 | |a New York, NY |b St. Martin's Press u.a. |c 1994 | |
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Datensatz im Suchindex
| _version_ | 1819290132235157504 |
|---|---|
| adam_text | Contents
List of Tables ix
List of Charts xi
List of Figures xii
Preface xiii
1 Introduction to the Buffer Stock Model 1
1.1 Introduction 1
1.2 Outline of the book 4
2 The Buffer Stock Concept and its Applications 10
2.1 Introduction 10
2.2 Applications of the buffer stock principle 11
2.3 The buffer stock model in monetary markets 18
2.4 Distinguishing between buffer stock models 21
2.5 Conclusions 23
3 A Review of Buffer Stock Money Models 25
3.1 Introduction 25
3.2 Microeconomic foundations 28
3.3 The Davidson Ireland model 31
3.4 Flow disequilibrium models 36
3.5 Full equation disequilibrium models 39
3.6 The shock absorber approach 43
3.7 The forward looking buffer stock model 50
3.8 Conclusions 58
4 Econometric Methods 60
4.1 Spurious regressions, unit roots
and cointegration 60
4.2 The mathematics of the Johansen procedure 66
4.3 The Kalman filter 68
4.4 Diagnostic tests 73
5 Should Buffer Stock Theorists be Broad
or Narrow Minded? Some Answers from
Aggregate UK Data: 1966 89 78
5.1 Introduction 78
5.2 Testing of the buffer stock model in a
VAR system 79
5.3 Results for narrow money (Ml) 82
5.4 Results for broad money (M4) 88
5.5 Conclusions 93
6 The Precautionary Buffer Stock Model of the
Demand for Money and Speculative Liquidity
Preference 96
6.1 Introduction 96
6.2 The theoretical model 98
6.3 Econometric representation of the theoretical
model 104
6.4 Empirical estimation of the model 108
6.5 Conclusion 111
7 A Buffer Stock Model for the Personal Sector 116
7.1 Introduction 116
7.2 Recent financial issues in the personal sector
1966 89 117
7.3 The forward looking buffer stock model for
the personal sector 120
7.4 A Kalman filter approach to the buffer
stock model 122
7.5 Encompassing the VAR approach 130
7.6 Conclusions 139
8 A Buffer Stock Model for the Industrial and
Commercial Companies Sector 140
8.1 Introduction 140
8.2 Financial behaviour of ICCS 1970 90 140
8.3 The buffer stock model for narrow
money (Ml) 143
8.4 The buffer stock model for broad
money (M4) 146
8.5 The relationship with bank lending
decisions 154
8.6 Empirical results 159
8.7 Comparison with other models 165
8.8 Conclusions 166
9 Conclusions 169
9.1 Summary and interpretation of results 169
Notes 180
References 183
Author Index 191
Subject Index 193
List of Tables
3.1 Cuthbertson and Taylor results 54
5.1 Tests for order of integration for narrow money 83
5.2 Cointegration results for narrow money 84
5.3 Johansen results for Ml 85
5.4 Error correction model 86
5.5 Tests for integration for broad money 89
5.6 Cointegration results for broad money 89
5.7 Johansen results for M4 91
5.8 Error correction model 91
6.1 Integration results 109
6.2 Cointegration results 109
6.3 Error correction mechanism 109
7.1 Stationarity tests 121
7.2 Difference stationarity tests 122
7.3 Stochastically trended model (Ml) 125
7.4 A deterministic trend model (Ml) 125
7.5 A parsimonious deterministic trend model (Ml) 126
7.6 Forecasting tests (Ml) 126
7.7 A stochastically trended model (M4) 127
7.8 Deterministic trend model (M4) 128
7.9 A parsimonious deterministically trended model (M4) 129
7.10 Forecasting tests (M4) 129
7.11 Cointegration results for narrow money (Ml) 130
7.12 Johansen results for Ml 131
7.13 Error correction model 132
7.14 Cointegration results for broad money (M4) 134
7.15 Johansen results for M4 134
7.16 Error correction model 135
7.17 Error correction model 135
8.1 Integration tests 144
8.2 Cointegration results 144
8.3 Johansen results 145
8.4 Error correction model 145
8.5 Integration tests 146
8.6 Cointegration results 147
8.7 Likelihood ratio tests of lag length 149
8.8 Johansen results 149
8.9 Error correction model 150
8.10 Likelihood ratio tests for lag length 151
8.11 Johansen results 152
8.12 Error correction model 152
8.13 Integration tests 160
8.14 Cointegration results 161
8.15 Likelihood ratio tests for lag length 161
8.16 Johansen results 162
8.17 VAR diagnostics 163
List of Charts
9.1 Variance ratio for aggregate Ml and M4 172
9.2 Variance ratio for aggregate and speculative aggregate M4 173
9.3 Variance ratio for personal sector Ml and M4 174
9.4 % change in money balances 174
9.5 Variance ratio for company sector Ml and M4 175
9.6 % change in M4 and TC for ICCs 176
9.7 % change in M4 and BL for ICCs 176
9.8 Breakdown of the composition of personal sector M4 177
9.9 Breakdown of the composition of ICCs M4 178
List of Figures
2.1 The production smoothing inventory model 11
2.2 The (S,s) inventory model 12
3.1 The flow disequilibrium model 37
|
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| genre_facet | Hochschulschrift |
| id | DE-604.BV009974325 |
| illustrated | Illustrated |
| indexdate | 2024-12-20T09:45:30Z |
| institution | BVB |
| isbn | 033359598X 0333595998 0312123183 |
| language | Undetermined |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006609716 |
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| physical | XIII, 194 S. graph. Darst. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| publisher | St. Martin's Press u.a. |
| record_format | marc |
| spellingShingle | Mizen, Paul 1968- Buffer stock models and the demand for money Geldnachfrage (DE-588)4128444-6 gnd Liquiditätspräferenztheorie (DE-588)4215386-4 gnd |
| subject_GND | (DE-588)4128444-6 (DE-588)4215386-4 (DE-588)4113937-9 |
| title | Buffer stock models and the demand for money |
| title_auth | Buffer stock models and the demand for money |
| title_exact_search | Buffer stock models and the demand for money |
| title_full | Buffer stock models and the demand for money Paul Mizen |
| title_fullStr | Buffer stock models and the demand for money Paul Mizen |
| title_full_unstemmed | Buffer stock models and the demand for money Paul Mizen |
| title_short | Buffer stock models and the demand for money |
| title_sort | buffer stock models and the demand for money |
| topic | Geldnachfrage (DE-588)4128444-6 gnd Liquiditätspräferenztheorie (DE-588)4215386-4 gnd |
| topic_facet | Geldnachfrage Liquiditätspräferenztheorie Hochschulschrift |
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