Greene, Clinton A. - In: Journal of Economic Dynamics and Control 34 (2010) 6, pp. 1031-1047
A growing number of empirical papers use Miller-Orr (S, s) money management as economic motivation for application of non-linear smooth-adjustment models. This paper shows such models are not implied by the Miller-Orr economy. Instead, the Miller-Orr economy implies non-standard...