Modeling monetary trends in Italy using historical data: the demand for broad money 1861-1990

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)

Full text not currently available from Enlighten.

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

University Staff: Request a correction | Enlighten Editors: Update this record