Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997

Lucio Sarno, Mark Taylor and David Peel

Journal of Money, Credit and Banking, 2003, vol. 35, issue 5, 787-99

Abstract: Several theoretical models of money demand imply nonlinear functional forms for the aggregate demand for money, characterized by smooth adjustment toward long-run equilibrium. In this paper, we propose a nonlinear equilibrium correction model of U.S. money demand that is shown to be stable over the sample period from 1869 to 1997.

Date: 2003
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Working Paper: Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997 (2002)
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Persistent link: https://EconPapers.repec.org/RePEc:mcb:jmoncb:v:35:y:2003:i:5:p:787-99

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