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

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  • Peel, David
  • Sarno, Lucio
  • Taylor, Mark P

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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Bibliographic Info

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;

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Cited by:
  1. Q. Farooq Akram & Øyvind Eitrheim & Lucio Sarno, 2005. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003," Working Paper 2005/2, Norges Bank.

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