A Dynamic Model of Money, Credit, and Consumption: A Joint Model for the UK Household Sector
联合估计英国家庭部门的消费、货币需求和信贷方程，检验信贷对消费和货币的影响，发现信贷方程与货币需求、消费方程存在稳定关系，且交互系统优于独立方程。
Previous research has investigated consumers' expenditure and money demand as separable equations. We estimate them jointly as driven by the same influences. Credit is also included as a potential third variable that might provide a source of additional information about the monetary transmission mechanism. Consumption, money, and lending equations are modelled as an interdependent system, and the significance of lending for consumption andmoney is tested. Theresults using UK household sector data show that a stable credit equation does exist in parallel with money demand and consumption equations, and that interactions modelled in a conditional vector equilibrium correction system are favoured over independent equations.