Muscatelli, V. A. and Spinelli, F. (1996) Modeling monetary trends in Italy using historical data: the demand for broad money 1861-1990. Economic Inquiry, 34(3), pp. 579-596. (doi: 10.1111/j.1465-7295.1996.tb01398.x)
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Abstract
In this paper we estimate a stable demand for money relationship for Italy using a long series of historical data. We extend previously available data sets to obtain a sample for the years 1861 to 1990 and use cointegration analysis and two-stage estimation procedures to obtain a dynamic model for M2 demand. By employing a small number of explanatory variables and a nonlinear error-correction model we find a stable demand for money relationship. Our model incorporates significant inflation and interest rate effects, in contrast to previous studies of this type.
| Item Type: | Articles |
|---|---|
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Muscatelli, Professor Anton |
| Authors: | Muscatelli, V. A., and Spinelli, F. |
| College/School: | College of Social Sciences > Adam Smith Business School > Economics |
| Journal Name: | Economic Inquiry |
| Publisher: | Wiley-Blackwell Publishing, Inc. |
| ISSN: | 0095-2583 |
| ISSN (Online): | 1465-7295 |
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