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Modeling Monetary Trends in Italy Using Historical Data: The Demand for Broad Money 1861-1990

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  • Muscatelli, Vito Antonio
  • Spinelli, Franco

Abstract

In 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.

Suggested Citation

  • Muscatelli, Vito Antonio & Spinelli, Franco, 1996. "Modeling Monetary Trends in Italy Using Historical Data: The Demand for Broad Money 1861-1990," Economic Inquiry, Western Economic Association International, vol. 34(3), pages 579-596, July.
  • Handle: RePEc:oup:ecinqu:v:34:y:1996:i:3:p:579-96
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    Cited by:

    1. Luis E. Arango & Andrés González, 2000. "A Nonlinear Specification of Demand for Cash in Colombia," Money Affairs, Centro de Estudios Monetarios Latinoamericanos, vol. 0(2), pages 207-226, July-Dece.
    2. Salvatore Capasso & Oreste Napolitano, 2012. "Testing for the stability of money demand in Italy: has the Euro influenced the monetary transmission mechanism?," Applied Economics, Taylor & Francis Journals, vol. 44(24), pages 3121-3133, August.
    3. Luis Eduardo Arango & Andrés González, 1999. "A Nonlinear Specification of Demand for Narrow Money in Colombia," Borradores de Economia 135, Banco de la Republica de Colombia.
    4. 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.
    5. 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.
    6. 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.
    7. 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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