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

Lucio Sarno · Mark P. Taylor · David Alan Peel

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

Non-Linear Equilibrium Correction in USReal Money Balances, 1869-1997* 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 nonlinear 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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