Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Several theoretical models of money demand imply non-linear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. In this Paper, we propose a non-linear equilibrium correction model of US money demand, which is shown to be stable over the sample period from 1869 to 1997.

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Year of publication:	2002-03
Authors:	Peel, David ; Sarno, Lucio ; Taylor, Mark P
Institutions:	C.E.P.R. Discussion Papers
Subject:	adjustment costs \| demand for money \| equilibrium correction \| non-linear dynamics

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Extent:	application/pdf
Series:	CEPR Discussion Papers.
Type of publication:	Book / Working Paper
Notes:	Number 3249
Classification:	E41 - Demand for Money
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005792480