Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997.
Several theoretical models of money demand imply nonlinear functional forms for the aggregate demand for money, characterized by smooth adjustment toward long-run equilibrium. In this paper, we propose a nonlinear equilibrium correction model of U.S. money demand that is shown to be stable over the sample period from 1869 to 1997.
Year of publication: |
2003
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Authors: | Sarno, Lucio ; Taylor, Mark P ; Peel, David A |
Published in: |
Journal of Money, Credit and Banking. - Blackwell Publishing. - Vol. 35.2003, 5, p. 787-99
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Publisher: |
Blackwell Publishing |
Saved in:
Saved in favorites
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