Non-linear equilibrium correction in US real money balances, 1869-1997
Sarno, Lucio, Taylor, Mark P., 1958- and Peel, D. (2002) Non-linear equilibrium correction in US real money balances, 1869-1997. Discussion Paper. London: Centre for Economic Policy Research (Great Britain). Discussion paper (Centre for Economic Policy Research (Great Britain)) (No.324).
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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|
|Official Date:||March 2002|
|Number of Pages:||31|
|Status:||Not Peer Reviewed|
|Access rights to Published version:||Open Access|
Akerlof, George A. “The Demand for Money: A General Equilibrium Inventory Theoretic Approach.”
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