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Non-linear equilibrium correction in US real money balances, 1869-1997
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Sarno, Lucio, Taylor, Mark P. 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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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) | ||||
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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 | ||||
Dates: |
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Number: | No.324 | ||||
Number of Pages: | 31 | ||||
Status: | Not Peer Reviewed | ||||
Access rights to Published version: | Open Access (Creative Commons) |
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