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

✍ Scribed by V.Anton Muscatelli; Franco Spinelli


Book ID
114220504
Publisher
Elsevier Science
Year
2000
Tongue
English
Weight
239 KB
Volume
45
Category
Article
ISSN
0304-3932

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Adjustment costs and nonlinear dynamics
✍ Lucio Sarno 📂 Article 📅 1999 🏛 John Wiley and Sons 🌐 English ⚖ 278 KB

Target-bounds models and buffer stock models in the presence of adjustment costs imply nonlinear functional forms for the aggregate demand for money characterized by smooth adjustment towards long-run equilibrium. This paper presents a stable empirical model for the demand for narrow money in Italy