This summary describes a research paper prepared in the Bank's Economic Section by J. C. Townend. Copies of his full paper, which was presented at the European Meeting of the Econometric Society in Budapest in September 1972 and at the Money Study Group at the London School of Economics in November 1972, may be obtained from the Bank at the address shown on the back of the contents page.
Research paper on substitution among capital-certain assets in the personal sector of the UK economy