Modeling Monetary Trends in Italy Using Historical Data: The Demand for Broad Money 1861-1990
AbstractIn 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 dynamic model for M2 demand. By employing a small number of explanatory variables and a nonlinear error-correction model, the authors find a stable demand for money relationship. Their model incorporates significant inflation and interest rate effects in contrast to previous studies of this type. Copyright 1996 by Oxford University Press.
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Bibliographic InfoArticle provided by Western Economic Association International in its journal Economic Inquiry.
Volume (Year): 34 (1996)
Issue (Month): 3 (July)
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- Luis Eduardo Arango & Andrés González, 1999.
"A Nonlinear Specification Of Demand For Narrow Money In Colombia,"
BORRADORES DE ECONOMIA
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- Lee, Chien-Chiang & Chen, Pei-Fen & Chang, Chun-Ping, 2007. "Testing linearity in a cointegrating STR model for the money demand function: International evidence from G-7 countries," Mathematics and Computers in Simulation (MATCOM), Elsevier, vol. 76(4), pages 293-302.
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- Zenón Quispe, 2000. "Monetary Policy in a Dollarized Economy: The Case of Peru," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 167-206, July-Dece.
- Agustín G. Cartens & Alejandro M. Werner, 2000. "Mexico's Monetary Policy Framework Under a Floating Exchange Rate Regime," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 113-165, July-Dece.
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