Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997
AbstractSeveral 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.
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Bibliographic InfoArticle provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.
Volume (Year): 35 (2003)
Issue (Month): 5 (October)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879
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