Alternative models of buffer stock money: an empirical investigation

The purpose of this paper is to examine some of the aspects of recent theoretical models of buffer stock money, and to propose an alternative framework which has certain desirable theoretical features. We test the different models on UK data for M1 and show that some empirical support exists for departing from the traditional approach to the modelling of buffer stock money. Furthermore, some additional questions are raised about the empirical modelling of the demand for money as a "buffer asset" which seem to have received little attention in the literature. We begin with a general interaction to the subject of "buffer stock money", proceeding in section two to the derivation of an alternative model of the demand for money. Empirical estimates of the alternative models for the demand form M1 in the United Kingdom are reported in section three. A brief conclusion will then follow

Purchasing Power Parity and Real Exchange Rates: A Historical Perspective

Paper del Dipartimento di Economia dell'Università di Glasgo

Real Exchange Rates in The Long Run: Evidence from Historical Data

in fase di referaggio presso una rivista internazional

Intra-NIE competition in exports of manufactures

This paper provides empirical evidence on the extent to which the Asian Newly Industrialised Economies (NIEs) compete in world export markets. Our results support existing studies which emphasise the importance of allowing for intra-LDC competition in modelling an individual developing country's exports. Whilst the Asian NIEs are regarded as a model for other developing countries to emulate, one has to consider whether such an expansion in export supply would be at the expense of OECD economies or whether it will lead to a deterioration in the terms of trade of the developing countries as a group

The empirical modelling of NIE exports: an evaluation of different approaches

This article investigates the current debate regarding the robustness of estimates of export demand and supply elasticities for LDCs and NIEs obtained by recent empirical studies. The empirical findings reported in the article suggest that price elasticities of demand are indeed low, and that there are strong and significant income effects on export demand. Furthermore, using a variety of modelling approaches, we demonstrate that the choice of estimation method and normalisation need not lead to drastically different conclusions regarding the size of the price elasticity of demand for NIE exports. Whilst this points against the ‘small‐country assumption’ usually made regarding LDC/NIE exports, we argue that the preferred development strategy for LDCs need not necessarily be an inward‐oriented one. This is because the large estimated income/market growth elasticities in the demand equations may be due to the presence of supply‐side influences which have been the focus of attention of the ‘new theories of international trade’, and which cannot be modelled at the aggregate level

An analysis of the disaggregated manufacturing exports of the Asian NIEs to EEC, USA and Japan

This paper examines the export performance of the four Asian newly industrialized economics (NIEs) by modelling their bilateral export flows to three main OECD blocks: the USA, Japan, and the European Community. Our estimated export demand models reveal interesting asymmetries between these three areas of destination which do not emerge from previous aggregate empirical studies of NIE export performance

Inflation contracts and inflation targets under uncertainty Why we might need conservative central bankers

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.930(9801) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

An econometric and historical perspective on the long-run stability of the demand for money The case of Italy

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.930(9314) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Purchasing power parity and real exchange rates Do productivity trends and fiscal policy matter?

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.930(9921) / BLDSC - British Library Document Supply CentreGBUnited Kingdo

Do central banks have precautionary demands for expansions and for price stability? Theory and practice

SIGLEAvailable from British Library Document Supply Centre-DSC:3597.930(no 02-04) / BLDSC - British Library Document Supply CentreGBUnited Kingdo