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A. MUSCATELLI, L. PAPI - Un modello con aspettative razionali per la domanda di moneta: un giudizio critico


  • Muscatelli, Anton

    () (Department of Economics University of Glasgow)

  • Papi , Luca

    () (Università Politecnica delle Marche, Dipartimento di Economia)


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.

Suggested Citation

  • Muscatelli, Anton & Papi , Luca, 1989. "A. MUSCATELLI, L. PAPI - Un modello con aspettative razionali per la domanda di moneta: un giudizio critico," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 42(1-2), pages 90-107.
  • Handle: RePEc:ris:ecoint:0518

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