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

Mark Taylor, David Peel and Lucio Sarno

No 3249, CEPR Discussion Papers from Centre for Economic Policy Research

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.

Keywords: Demand for money; Adjustment costs; Equilibrium correction; Non-linear dynamics (search for similar items in EconPapers)
JEL-codes: E41 (search for similar items in EconPapers)
Date: 2002-03
New Economics Papers: this item is included in nep-mac
References: Add references at CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://cepr.org/publications/DP3249 (application/pdf)

Related works:
Journal Article: Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997 (2003)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cpr:ceprdp:3249

Ordering information: This working paper can be ordered from
https://cepr.org/publications/DP3249

Access Statistics for this paper

More papers in CEPR Discussion Papers from Centre for Economic Policy Research 33 Great Sutton Street, London EC1V 0DX, UK.
Bibliographic data for series maintained by CEPR ().