Skip to main content Accessibility help
×
Hostname: page-component-7c8c6479df-p566r Total loading time: 0 Render date: 2024-03-27T05:12:09.226Z Has data issue: false hasContentIssue false

4 - UK broad money growth in the Long Expansion 1992–2007: what can it tell us about the role of money?

Published online by Cambridge University Press:  05 June 2016

Jagjit S. Chadha
Affiliation:
University of Kent, Canterbury
Alec Crystal
Affiliation:
Cass Business School
Joe Pearlman
Affiliation:
City University London
Peter Smith
Affiliation:
University of York
Stephen Wright
Affiliation:
Birkbeck, University of London
Get access

Summary

Image of the first page of this content. For PDF version, please use the ‘Save PDF’ preceeding this image.'
Type
Chapter
Information
Publisher: Cambridge University Press
Print publication year: 2016

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Andrés, J, López-Salido, D J, Nelson, E (2004). Tobin’s imperfect substitution in optimising general equilibrium. Journal of Money, Credit and Banking, 36(5), 66590.CrossRefGoogle Scholar
Astley, M, Haldane, A (1995). Money as an indicator. Bank of England Working Paper No. 35.Google Scholar
Barnett, A, Thomas, R (2013). Has weak lending and activity in the United Kingdom been driven by credit supply shocks? Bank of England Working Papers 482.CrossRefGoogle Scholar
Bell, V, Young, G (2010). Understanding the weakness of bank lending. Bank of England Quarterly Bulletin, 50(4), 31120.Google Scholar
Benes, J, Kumhof, M (2012). ‘The Chicago plan revisited’, IMF Working Paper, 12/202.CrossRefGoogle Scholar
Berry, S, Harrison, R, Thomas, R, de Weymarn, I (2007). Interpreting movements in broad money. Bank of England Quarterly Bulletin, 47(3), 37688.Google Scholar
Blanchard, O, Quah, D (1989). The dynamic effects of aggregate demand and supply disturbances. The American Economic Review, 79(4), 65573.Google Scholar
Bridges, J, Thomas, R (2012). ‘The impact of QE on the UK economy – some supportive monetarist arithmetic’, Bank of England Working Paper, No 442.CrossRefGoogle Scholar
Brigden, A, Mizen, P (2004). Money, credit and investment in the UK industrial and commercial companies sector. The Manchester School, 72, 7279.CrossRefGoogle Scholar
Brunner, K, Meltzer, A (1987). ‘Money and the economy: issues in monetary analysis’, presented at the 1987 Raffaele Mattioli Lectures, Carnegie Mellon University, Pittsburgh.Google Scholar
Burgess, S, Janssen, N (2007). Proposals to modify the measurement of broad money in the United Kingdom: a user consultation. Bank of England Quarterly Bulletin, 47(3), 40214.Google Scholar
Butt, N, Domit, S, McLeay, M, Thomas, R (2012). What can the money data tell us about the impact of QE?, Bank of England Quarterly Bulletin 2012 Q4.Google Scholar
Canova, F, De Nicoló, G (2002). Monetary disturbances matter for business fluctuations in the G-7. Journal of Monetary Economics, 49(6), 113159.CrossRefGoogle Scholar
Capie, F, Webber, A (1985). ‘A monetary history of the United Kingdom, 1870–1982’, vol. 1, Routledge.Google Scholar
Chadha, J, Corrado, L, Holly, S (2013). ‘A note on money and the conduct of monetary policy’, Cambridge Working Papers in Economics 1329, Faculty of Economics, University of Cambridge, Cambridge.CrossRefGoogle Scholar
Christensen, L (2011). ‘Market monetarism: the second monetarist counter revolution’, Mimeo.Google Scholar
Christiano, L, Eichenbaum, M (1992). Liquidity effects and the monetary transmission mechanism. American Economic Review, 82(2), 34653.Google Scholar
Chrystal, K A, Mizen, P (2005a). Other financial corporations: Cinderella or ugly sister of empirical monetary economics? International Journal of Finance & Economics, 10(1), 6380.CrossRefGoogle Scholar
Chrystal, K A, Mizen, P (2005b). A dynamic model of money, credit, and consumption: a joint model for the UK household sector. Journal of Money, Credit and Banking, 37(1), 11943.CrossRefGoogle Scholar
Clower, R (1967). A reconsideration of the microfoundations of monetary theory. Western Economic Journal, 6(1), 18.Google Scholar
Congdon, T (1992). ‘Reflections on monetarism’, Clarendon Press, Oxford.CrossRefGoogle Scholar
Congdon, T (2005). ‘Money and asset prices in boom and bust’, Institute of Economic Affairs, Hobart Paper No. 152, London.Google Scholar
Congdon, T, Ward, S (1993). ‘The personal sector’s demand for M4 balances’, Lombard Street Research Econometrics Research Note, May.Google Scholar
Curdia, V, Woodford, M (2010). The central-bank balance sheet as an instrument of monetary policy. Journal of Monetary Economics, 58(1), 5479.CrossRefGoogle Scholar
De Santis, R, Favero, C, Roffia, B (2008). ‘Euro area money demand and international portfolio allocation’, ECB Working Paper Series No. 926Google Scholar
Dhar, S, Pain, D, Thomas, R (2000). ‘A small structural empirical model of the UK monetary transmission mechanism’, Bank of England Working Paper No. 113.Google Scholar
Eggertsson, G, Woodford, M (2003). The zero bound on interest rates and optimal monetary policy. Brookings Papers on Economic Activity, 34(1), 139235.CrossRefGoogle Scholar
Engle, R F, Granger, W J (1987), Co-integration and error correction: representation, estimation, and testing. In Harvey, , , A (ed), ‘Time series, volume 1’, p. 65.CrossRefGoogle Scholar
Engle, R F, Yoo, B S (1991), Forecasting and testing in co-integrated systems. In Engle, , , R F, Granger, , , C W (eds), ‘Long-run economic relationships: readings in cointegration.’CrossRefGoogle Scholar
Fama, E (1980). Banking in the theory of finance. Journal of Monetary Economics, 6(1), 3957.CrossRefGoogle Scholar
Fisher, P G, Vega, J L (1993). ‘An empirical analysis of M4 in the United Kingdom’, Bank of England Working Paper No. 21.Google Scholar
Freixas, X, Rochet, J (1997). ‘The microeconomics of banking’, MIT Press, Cambridge.Google Scholar
Fuerst, T (1992). Liquidity, loanable funds, and real activity. Journal of Monetary Economics, 29(1), 324.CrossRefGoogle Scholar
Gale, D (1982). ‘Money: in equilibrium’, Cambridge University Press.Google Scholar
Gilchrist, S, Zakrajsek, E (2012). Credit spreads and business cycle fluctuations. American Economic Review, 102(4), 16921720.CrossRefGoogle Scholar
Gilchrist, S, Yankov, V, Zakrajsek, E (2009), Credit market shocks and economic fluctuations: evidence from corporate bond and stock markets. Journal of Monetary Economics, 56(4), 471493.CrossRefGoogle Scholar
Godley, W, Lavoie, M (2006). ‘Monetary economics an integrated approach to credit, money, income, production and wealth’, Palgrave-Macmillan, London.Google Scholar
Goodfriend, M (2004). Narrow money, broad money, and the transmission of monetary policy. In Faust, , , J, Orphanides, , , A, Reifschneider, , , D (eds), ‘Models of monetary policy’, Board of Governors of the Federal Reserve System, DC, 2005, pp. 277303.Google Scholar
Goodfriend, M, McCallum, B (2007). Banking and interest rates in monetary policy analysis: a quantitative exploration. Journal of Monetary Economics, 54(5), 14801507.CrossRefGoogle Scholar
Harrison, R, Nikolov, K, Quinn, M, Ramsay, G, Scott, A, Thomas, R (2005). The Bank of England Quarterly Model, Bank of England, London.Google Scholar
Hills, S, Thomas, R, Dimsdale, N (2010). The UK recession in context – what do three centuries of data tell us? Bank of England Quarterly Bulletin, 50(4), 27791.Google Scholar
Howells, P (1995). The demand for endogenous money. Journal of Post Keynesian Economics, 18(1), 89106.CrossRefGoogle Scholar
Johansen, S (1988). Statistical analysis of cointegrating vectors. Journal of Economics, Dynamics and Control, 23154.Google Scholar
Kaldor, N, Trevithick, J (1981). A Keynesian perspective on money. Lloyds Bank Review, 119.Google Scholar
Khan, A, Thomas, J (2010). ‘Inflation and interest rates with endogenous market segmentation’, Ohio State University, Working Paper.Google Scholar
King, R G, Plosser, C I, Stock, J H, Watson, M W (1991). Stochastic trends and economic fluctuations. American Economic Review, 81940.Google Scholar
Kiyotaki, N, Moore, J (2002). Evil is the root of all money. The American Economic Review, 92(2), Papers and Proceedings of the 114th Annual Meeting of the American Economic Association, pp. 62–66.CrossRefGoogle Scholar
Laidler, D (1984). The buffer stock notion in monetary economics. The Economic Journal, 94, Supplement: Conference Papers, 17–34.CrossRefGoogle Scholar
Layard, R, Nickell, S, Jackman, R (1991), Unemployment: macroeconomic performance and the labour market, Oxford University Press.Google Scholar
Mellander, E, Vredin, A, Warne, A (1992). Stochastic trends and economic fluctuations in a small open economy. Journal of Applied Econometrics, 7(4), 36994.CrossRefGoogle Scholar
Moore, B (1988). ‘Horizontalists and verticalists: the macroeconomics of credit money’, Cambridge University Press, Cambridge.Google Scholar
O'Donoghue, J, Goulding, L, Allen, G (2004). ‘Consumer Price Inflation since 1750’, ONS Economic Trends 604, March.Google Scholar
Ohlin, B (March 1937). Some notes on the Stockholm theory of savings and investment I. The Economic Journal, 47(185), 5369.CrossRefGoogle Scholar
Papademos, , , L D, Stark, , , J (eds) (2010), ‘Enhancing monetary analysis’, ECB, Frankfurt.Google Scholar
Pesaran, M H, Shin, Y (2002). Long-run structural modelling. Econometric Reviews, 2.Google Scholar
Robertson, D (1940). Mr Keynes and the rate of interest. ‘Essays in Monetary Theory’, Taples Press, LondonGoogle Scholar
Rochon, L, Rossi, S (2003). ‘Modern theories of money’, Edward Elgar, London.CrossRefGoogle Scholar
Thomas, R (1997a). ‘The demand for M4: a sectoral analysis, Part 1 – the personal sector’, Bank of England Working Paper No. 61.CrossRefGoogle Scholar
Thomas, R (1997b), ‘The demand for M4: a sectoral analysis, Part 2 – the corporate sector’, Bank of England Working Paper No. 62.CrossRefGoogle Scholar
Tobin, J (1969). A general equilibrium approach to monetary theory. Journal of Money, Credit and Banking, 1(1), 1529.CrossRefGoogle Scholar
Tsiang, SC (1956). Liquidity preference and loanable funds theories, multiplier and velocity analysis: a synthesis. American Economic Review, XLVI(4), 53964.Google Scholar
Tsiang, SC (1980). Keynes’s ‘finance’ demand for liquidity, Robertson’s loanable funds theory, and Friedman’s monetarism. The Quarterly Journal of Economics, 94(3), 46791CrossRefGoogle Scholar
Wallace, N (1981). A Modigliani-Miller theorem for open market operations. American Economic Review, 71, 26774.Google Scholar
Warne, A (1991). ‘A common trends model: identification, estimation and asymptotics’, Mimeo, Stockholm School of Economics, Sweden.Google Scholar
Wickens, M R (1996). Interpreting cointegrating vectors and common stochastic trends. Journal of Econometrics, 25571.Google Scholar
Williamson, S, Wright, R (2010). New monetarist economics: models, In Friedman, , , B, Woodford, , , M (eds), Handbook of Monetary Economics, 3(2), pp. 2596.CrossRefGoogle Scholar

Save book to Kindle

To save this book to your Kindle, first ensure coreplatform@cambridge.org is added to your Approved Personal Document E-mail List under your Personal Document Settings on the Manage Your Content and Devices page of your Amazon account. Then enter the ‘name’ part of your Kindle email address below. Find out more about saving to your Kindle.

Note you can select to save to either the @free.kindle.com or @kindle.com variations. ‘@free.kindle.com’ emails are free but can only be saved to your device when it is connected to wi-fi. ‘@kindle.com’ emails can be delivered even when you are not connected to wi-fi, but note that service fees apply.

Find out more about the Kindle Personal Document Service.

Available formats
×

Save book to Dropbox

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Dropbox.

Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

Available formats
×