Modeling Monetary Trends in Italy Using Historical Data: The Demand for Broad Money 1861-1990
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.
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Volume (Year): 34 (1996)
Issue (Month): 3 (July)
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