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

Author(s): David Peel, Lucio Sarno and Mark P Taylor

Publication Date: March 2002

Keyword(s): adjustment costs, demand for money, equilibrium correction and non-linear dynamics

Programme Area(s): International Macroeconomics

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.

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Bibliographic Reference

Peel, D, Sarno, L and Taylor, M. 2002. 'Non-Linear Equilibrium Corection in US Real Money Balances, 1869-1997'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=3249