The long-run stability of the demand for money: Italy 1861–1996

Muscatelli, V. A. and Spinelli, F. (2000) The long-run stability of the demand for money: Italy 1861–1996. Journal of Monetary Economics, 45(3), pp. 717-739. (doi: 10.1016/S0304-3932(00)00011-8)

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This paper examines the stability of the demand for money in Italy using a newly extended data set for the period 1861–1996. We examine how the evolution of the financial system in Italy and policy shifts have affected the behavior of the long-run demand for money, and present tests of structural stability. We find the demand for broad money to be remarkably stable, despite periods of considerable economic turbulence. In addition, we present evidence on the monetary transmission mechanism. Our results shed light on attempts to model long-run relationships in other countries such as the UK and the US.

Item Type:Articles
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:Journal of Monetary Economics
ISSN (Online):1873-1295

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