The Demand for Broad Money in the United Kingdom, 1878–1993
基于Friedman和Schwartz的数据，更新了英国1878–1993年广义货币需求模型，发现考虑机会成本和信贷自由化后模型参数在动荡经济中保持稳定，对货币政策有启示。
Using annual data from Friedman and Schwartz (1982), Hendry and Ericsson (1991a) developed an empirical model of the demand for broad money in the United Kingdom over 1878–1975. We update that model over 1976–1993, accounting for changed data definitions and clarifying the concept of constancy. With appropriate measures of opportunity cost and credit deregulation, the model's parameters are empirically constant over the extended sample, which was economically turbulent. Policy implications follow for parameter nonconstancy and predictive failure, causation between money and prices, monetary targeting, deregulation and financial innovation, and the effect of policy on economic agents' behavior.