A. MUSCATELLI, L. PAPI - Un modello con aspettative razionali per la domanda di moneta: un giudizio critico
This paper considers the applicability of a « forward-looking intertemporal optimisation » model of the demand. for money to Italian data for M2 balances. The authors estimate the resulting model using both « errors-in-variables » and « two-stage » estimation methods, and assess the validity of the forward looking model by testing it against a « feedback-only » model using statistical tests for non-nested models. The authors conclude that the « forward-looking » approach yields results which do not compare favourably with those obtained from « feedback-only » models estimated via the familiar « general-to-specific » model selection procedure.
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Volume (Year): 42 (1989)
Issue (Month): 1-2 ()
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