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Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Author

Listed:
  • Peel, David
  • Sarno, Lucio
  • Taylor, Mark P

Abstract

Several theoretical models of money demand imply non-linear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. In this Paper, we propose a non-linear equilibrium correction model of US money demand, which is shown to be stable over the sample period from 1869 to 1997.

Suggested Citation

  • Peel, David & Sarno, Lucio & Taylor, Mark P, 2002. "Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997," CEPR Discussion Papers 3249, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:3249
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    Cited by:

    1. Q. Farooq Akram & √ėyvind Eitrheim & Lucio Sarno, 2005. "Non-linear dynamics in output, real exchange rates and real money balances: Norway, 1830-2003," Working Paper 2005/2, Norges Bank.

    More about this item

    Keywords

    adjustment costs; demand for money; equilibrium correction; non-linear dynamics;

    JEL classification:

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

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