Sarno, Lucio, Taylor, Mark P., 1958- and Peel, D. (2002) Non-linear equilibrium correction in US real money balances, 1869-1997. Discussion Paper. Centre for Economic Policy Research (Great Britain), London.

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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.

Item Type:	Working or Discussion Paper (Discussion Paper)
Alternative Title:	Non-linear equilibrium correction in United States real money balances, 1869-1997
Subjects:	H Social Sciences > HB Economic Theory
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Adjustment costs, Externalities (Economics), Nonlinear theories, Equilibrium (Economics)
Series Name:	Discussion paper (Centre for Economic Policy Research (Great Britain))
Publisher:	Centre for Economic Policy Research (Great Britain)
Place of Publication:	London
Date:	March 2002
Number:	No.324
Number of Pages:	31
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
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URI:	http://wrap.warwick.ac.uk/id/eprint/1683

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