期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2008
卷号：1
出版社：European Central Bank
摘要：Narrow and broad money measures (including Divisia aggregates) have been found to have explanatory power for UK output in backward-looking speci- cations of the IS curve. In this paper, we explore whether or not real balances enter into a forward-looking IS curve for the UK, building on the theoretical framework of Ireland (2004). To do this, we test for additive separability between consumption and money over a sizeable part of the post-ERM period using non-parametric methods. If consumption and money are not additively separable, then real money balances enter into the forward-looking IS curve (the converse does not hold, however). A main nding is that the UK data seem to be broadly consistent with additive separability for the the more recent period from 1999 to 2007.
关键词：Additive Separability; IS Curve; Non-Parametric Tests; Measurement;Error; Divisia Monetary Aggregates.
