Stability and non-linear dynamics in the broad demand for money in Spain
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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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.
|Departments||Faculty of Humanities & Social Sciences > Economics|
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