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

Vito Muscatelli and Luca Papi

Economia Internazionale / International Economics, 1989, vol. 42, issue 1-2, 90-107

Abstract: 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.

Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ecoint:0518

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