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

Author

Listed:
  • 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.

Suggested Citation

  • Vito Antonio Muscatelli & Franco Spinelli, 1997. "An Econometric and Historical Perspective on the Long-Run Stability of the Demand for Money: The Case of Italy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 56(1-2), pages 41-65, June.
    • Handle: RePEc:gde:journl:gde_v56_n1-2_p41-65
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    Citations

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    Cited by:

    1. Vittorio Daniele & Pasquale Foresti & Oreste Napolitano, 2017. "The stability of money demand in the long-run: Italy 1861–2011," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 11(2), pages 217-244, May.
    2. Federico Barbiellini Amidei & Riccardo De Bonis & Miria Rocchelli & Alessandra Salvio & Massimiliano Stacchini, 2016. "Monetary aggregates in Italy since 1861: evidence from a new dataset," Questioni di Economia e Finanza (Occasional Papers) 328, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    demand for money; Italian monetary history; long-run velocity; non-linear adjustment; money supply shocks;
    All these keywords.

    JEL classification:

    • E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money

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