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- Title
A Semi–nonparametric Approach to the Demand for UK Monetary Assets.
- Authors
Drake, L.; Fleissig, A.R.; Swofford, J.L.
- Abstract
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 the early 1990s indicate that a relatively broad monetary aggregate should be used in economic studies. The results also suggest that any policy based on interest or user cost elasticities of substitution between financial assets should be based on the Morishima elasticities, as the Allen-Uzawa calculation can give misleading results.
- Subjects
UNITED Kingdom; INVESTMENTS
- Publication
Economica, 2003, Vol 70, Issue 277, p99
- ISSN
0013-0427
- Publication type
Article