Marselli, Riccardo and Vannini, Marco (1988) The Holmes-Smyth effect: some preliminary exercises with the UK demand for narrow money. Applied Economics, Vol. 20 (6), p. 711-720. ISSN 1466-4283. Article.
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The Primary purpose of this paper is to test a plausible data-coherent representation of the consumption based model of the demand for money against and analogus representation of the standard income based formulation. On the basis of non-nested tests, neither model canbe maintained. Consequently, the possibility of tax cuts being contractionary (the Holmes-smyth effect) is still an open question
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