Stability and non-linear dynamics in the broad demand for money in Spain

Javier Ordóñez

Research output: Contribution to journalArticle

6 Citations (Scopus)

Abstract

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.
Original languageEnglish
Pages (from-to)139-146
Number of pages8
JournalEconomics Letters
Volume78
DOIs
Publication statusPublished - 2003

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