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DP3249 Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997

Author(s): David Peel , Lucio Sarno , Mark P Taylor
Publication Date: March 2002
Keyword(s): demand for money , adjustment costs , equilibrium correction , non-linear dynamics
JEL(s): E41
Programme Areas: International Macroeconomics
Link to this Page: www.cepr.org/pubs/dps/DP3249.asp


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.

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