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

Lucio Sarno; Mark P. Taylor; David A. Peel

doi:10.1353/mcb.2003.0039

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

Lucio Sarno
, Mark P. Taylor
, David A. Peel

Research output: Contribution to journal › Article › peer-review

30 Scopus citations

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.

Original language	English
Pages (from-to)	787-799
Number of pages	13
Journal	Journal of Money, Credit and Banking
Volume	35
Issue number	5
DOIs	https://doi.org/10.1353/mcb.2003.0039
State	Published - Oct 2003

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

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.",

author = "Lucio Sarno and Taylor, \{Mark P.\} and Peel, \{David A.\}",

year = "2003",

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AU - Sarno, Lucio

AU - Taylor, Mark P.

AU - Peel, David A.

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N2 - 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.

AB - 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.

UR - https://www.scopus.com/pages/publications/0141976370

U2 - 10.1353/mcb.2003.0039

DO - 10.1353/mcb.2003.0039

M3 - Article

AN - SCOPUS:0141976370

SN - 0022-2879

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JO - Journal of Money, Credit and Banking

JF - Journal of Money, Credit and Banking

IS - 5

ER -

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

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