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Stability and non-linear dynamics in the broad demand for money in Spain


Reference:

Ordóñez, J., 2003. Stability and non-linear dynamics in the broad demand for money in Spain. Economics Letters, 78, pp. 139-146.

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Official URL:

http://dx.doi.org/10.1016/S0165-1765(02)00212-4

Abstract

In this article we estimate a money demand function for broad money in Spain in the period 1978–1998. Stability tests indicate the existence of a stable money demand function in the long but not in the short run. Using recent non-linear techniques, we find that such instabilities are caused by a non-linear adjustment of real balances towards a stable long-run equilibrium.

Details

Item Type Articles
CreatorsOrdóñez, J.
DOI10.1016/S0165-1765(02)00212-4
DepartmentsFaculty of Humanities & Social Sciences > Economics
RefereedYes
StatusPublished
ID Code26192

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