The Determinants of the Money Multiplier in the United Kingdom
用战后年度数据估计英国货币乘数的计量模型，分析现金、定期存款和银行准备金的需求如何受利率影响，并模拟1970年代金融创新的动态效果。
An econometric model for the U.K. money (LM3) multiplier is estimated from annual data on the postwar period. The model consists of three behavioral equations: (1) the currency ratio in which the demand for currency varies inversely with interest rates on demand deposits; (2) a time deposit ratio in which the demand for time deposits varies inversely with the differential rates of interest and; (3) a bank reserve ratio in which the demand for reserves varies inversely with interest rates. The model is used to calculate dynamic multipliers and counterfactual simulations for financial innovations of the 1970s. Copyright 1989 by Ohio State University Press.