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An Econometric and Historical Perspective on the Long-Run Stability of the Demand for Money: The Case of Italy

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Author Info

  • Vito Antonio Muscatelli

    ()
    (University of Glasgow, Uk)

  • Franco Spinelli

    (University of Brescia)

Abstract

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 seems to be considerable evidence in support of a stable demand for money relationship. We place our results in the wider context of the debate on the institutionalist view of velocity changes, and the debate on the stability of the demand for money in other countries such as the UK and the US.

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Bibliographic Info

Article provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.

Volume (Year): 56 (1997)
Issue (Month): 1-2 (June)
Pages: 41-65

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Handle: RePEc:gde:journl:gde_v56_n1-2_p41-65

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Related research

Keywords: demand for money; Italian monetary history; long-run velocity; non-linear adjustment; money supply shocks;

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