This paper investigates the stability of the demand for money in Italy using a new data set for the period 1861-1990. We discuss how institutional and other historical factors may have shaped monetary history and how, despite major shifts in policy and a turbulent economic background, there...

This paper investigates the current debate regarding the robustness of estimates of export demand and supply elasticities for LDCs and NIEs obtained by recent empirical studies. The empirical findings reported in the paper suggest that price elasticities of demand are indeed low, and that there...

This paper provides a survey of some of the recent developments in the field of econometric modeling with cointegrated time series. In particular, they authors describe the testing and estimation procedures which have become increasingly popular in the recent applied literature. In addition to...

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...

Problems encountered in the empirical modeling of the demand for money in Italy have usually been attributed to the presence of financial innovation in the last two decades. This paper constructs a model of the demand for M2 in Italy by explicitly incorporating variables that proxy the various...

A central question in studies of the Asian newly industrialised economies has been whether the extremely rapid export growth of these countries can be viewed as primarily a phenomenon of income-elastic export demand or of fast-expanding export supply in the face of highly price-elastic demand....

This paper develops a continuous time model of "buffer stock money" and incorporates it within a small macromodel with policy rules. The author examines the dynamic behavior of the system when the authorities treat the money stock as an intermediate objective. The performance of monetary targets...