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DOES MONEY MATTER IN THE IS CURVE? THE CASE OF THE UK

机译:曲线中是否有重要事项?英国的情况

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摘要

Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking specifications of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK. To do this, we test for additive separability between consumption and money over a sizeable part of the post-Exchange Rate Mechanism period using non-parametric methods. A main finding is that the UK data seem to be broadly consistent with additive separability for the more recent period from 1999 to 2007.
机译:在IS曲线的后向指标中,发现狭义和广义货币指标(包括Divisia总量)对英国产出具有解释力。在本文中,我们探讨了英国实际余额是否进入前瞻性IS曲线。为此,我们使用非参数方法测试了汇率后机制时期相当大一部分时间内,消费与货币之间的可加可分离性。一个主要发现是,英国数据在1999年至2007年的最近期间似乎与加性可分离性基本一致。

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