This paper tests a plausible data-coherent representation of the consumption based model of the demand for money against an analogous representation of the standard income based formulation. On the basis of non-nested test, neither model can be mantained. Therefore, the possibility of tax cuts being contractionary is still an open question.
The Holmes-Smyth effect: some preliminary excercises with the UK demand for narrow money
R. Marselli;
1988-01-01
Abstract
This paper tests a plausible data-coherent representation of the consumption based model of the demand for money against an analogous representation of the standard income based formulation. On the basis of non-nested test, neither model can be mantained. Therefore, the possibility of tax cuts being contractionary is still an open question.File in questo prodotto:
Non ci sono file associati a questo prodotto.
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
