Modeling Monetary Trends in Italy Using Historical Data: The Demand for Broad Money 1861-1990.
In this paper, the authors estimate a stable demand for money relationship for Italy using a long series of historical data. They extend previously available data sets to obtain a sample for the years 1861 to 1990 and use cointegration analysis and two-stage estimation procedures to obtain a dynamic model for M2 demand. By employing a small number of explanatory variables and a nonlinear error-correction model, the authors find a stable demand for money relationship. Their model incorporates significant inflation and interest rate effects in contrast to previous studies of this type. Copyright 1996 by Oxford University Press.
Year of publication: |
1996
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Authors: | Muscatelli, Vito Antonio ; Spinelli, Franco |
Published in: |
Economic Inquiry. - Western Economic Association International - WEAI. - Vol. 34.1996, 3, p. 579-96
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Publisher: |
Western Economic Association International - WEAI |
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