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Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

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Author Info
Peel, David
Sarno, Lucio
Taylor, Mark P

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Abstract

Several theoretical models of money demand imply non-linear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. In this Paper, we propose a non-linear equilibrium correction model of US money demand, which is shown to be stable over the sample period from 1869 to 1997.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 3249.

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Date of creation: Mar 2002
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Handle: RePEc:cpr:ceprdp:3249

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Related research
Keywords: adjustment costs; demand for money; equilibrium correction; non-linear dynamics;

Find related papers by JEL classification:
E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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This page was last updated on 2009-11-25.

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