The Demand for M0 in the United Kingdom Reconsidered: Some Specification Issues

Janssen, Norbert

doi:10.2139/ssrn.128072

Cited by 10 publications

(12 citation statements)

References 24 publications

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“…On a Ricardian interpretation, this suggests that UK governments tend to pay off their existing debt, and meet the PVBC all the time. As Janssen and Nolan (2001) argue, it is also consistent with optimizing tax-smoothing behaviour on the part of governments. A non-Ricardian view would be that debt is anticipating future innovations in the surplus.…”

Section: (A) Empirical Approachsupporting

confidence: 64%

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Money, Debt and Prices in the United Kingdom, 1705–1996

2002

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This paper constructs a consistent series for the market value of UK government debt over almost 300 years, analysing how monetary and fiscal policy affect the path of the UK price level. Specifically, it examines the interactions between debts, deficits, the monetary base and the price level. Overall, the price level has been closely related to the evolution of the base money supply. Across different sample periods, there is little econometric evidence that fiscal policy has affected the course of the price level (or of the exchange rate under the Gold Standard). Government debt has not significantly affected the base money stock, either.

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Section: (A) Empirical Approachsupporting

confidence: 64%

“…23. We also estimate the previous VAR system without money over the shorter sample period, but the results are similar to those over the longer period (see Janssen et al 1999).…”

Section: Base Moneymentioning

confidence: 55%

Money, Debt and Prices in the United Kingdom, 1705–1996

2002

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“…Guyer (2012), for example, refers to it as people's money. On the other hand, economists commonly classify the stock of government-issued notes and coins held by members of the public and on-demand deposits held by the banks as narrow money or outside money (Janssen, 1998;Thorp and Turnbull, 2000). Such currency circulates largely outside commercial banks.…”

Section: Materiality Of Technological Artefactsmentioning

confidence: 99%

Virtual currency as an inclusive monetary innovation for the unbanked poor

Chipere

2018

Electronic Commerce Research and Applications

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The narrative about the future of money in developing countries is dominated by international financial institutions (IFIs) and their affiliates, multinational payment service providers, mobile network operators and academia. Most have reduced the future of money or monetary needs of the unbanked to the eradication of cash by digitization. In contrast to this techno-centric narrative, in this article, I situate the future of money in a new sociotechnical model which I refer to as the quantity, quality and public authority deficit (QPAD) hypothesis. It recognizes three disadvantages (or deficits) from the use of money: quantitative limits, which relates to the fact that its capacity to act as medium of exchange, is conditional on its availability; a qualitative deficit, involving the failure to embody attributes of transacting parties (identity, reputation etc.); and a public authority deficit, represented by weak central authority involvement in addressing the monetary needs of the unbanked poor. On this basis, any future inclusive monetary innovations which do not address these three deficits will most likely be unsuccessful. These ideas are based on findings from a participatory ethnographic study that draws on a sociology of scientific knowledge framework (Mackenzie, 1996; Pinch and Bijker, 1984; Spinardi, 2008) to evaluate technological properties of the Edinburgh local exchange trading scheme (LETS)-issued virtual currency. This currency is compared and contrasted with the properties of government-issued money.

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“…6 6 See for example Jansen (1998). Although money velocities can be constructed from the component variables, nominal GDP and the relevant monetary aggregates, we report the official measures for completeness. …”

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confidence: 99%

“…The monthly seasonally adjusted monetary aggregates contained inEgginton et al (2002) were seasonally adjusted on a different basis from the quarterly equivalents for some of the period 6. See for exampleJansen (1998). Although money velocities can be constructed from the component variables, nominal GDP and the relevant monetary aggregates, we report the official measures for completeness.7 The data are available in MS-Excel format on request from a.garratt@bbk.ac.uk.…”

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confidence: 99%

UK Real‐Time Macro Data Characteristics

Garratt

Vahey

2006

The Economic Journal

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We characterise the relationships between preliminary and subsequent measurements for 16 commonly-used UK macroeconomic indicators drawn from two existing real-time data sets and a new nominal variable database. Most preliminary measurements are biased predictors of subsequent measurements, with some revision series affected by multiple structural breaks. To illustrate how these findings facilitate real-time forecasting, we use a vector autoregresion to generate real-time one-step-ahead probability event forecasts for 1990Q1 to 1999Q2. Ignoring the predictability in initial measurements understates considerably the probability of above trend output growth.

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The Demand for M0 in the United Kingdom Reconsidered: Some Specification Issues

Cited by 10 publications

References 24 publications

Money, Debt and Prices in the United Kingdom, 1705–1996

Money, Debt and Prices in the United Kingdom, 1705–1996

Virtual currency as an inclusive monetary innovation for the unbanked poor

UK Real‐Time Macro Data Characteristics

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