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Nonlinear Equilibrium Correction in U.S. Real Money Balances, 1869-1997
- Journal of Money, Credit, and Banking
- The Ohio State University Press
- Volume 35, Number 5, October 2003
- pp. 787-799
- 10.1353/mcb.2003.0039
- Article
- Additional Information
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.
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