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

Javier Ordóñez

doi:10.1016/S0165-1765(02)00212-4

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

Javier Ordóñez

Department of Economics

Research output: Contribution to journal › Article › peer-review

6 Citations (SciVal)

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 language	English
Pages (from-to)	139-146
Number of pages	8
Journal	Economics Letters
Volume	78
DOIs	https://doi.org/10.1016/S0165-1765(02)00212-4
Publication status	Published - 2003

Access to Document

10.1016/S0165-1765(02)00212-4

Cite this

@article{24841973aa3e4728b6facb2ee4b24c18,

title = "Stability and non-linear dynamics in the broad demand for money in Spain",

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.",

author = "Javier Ord{\'o}{\~n}ez",

year = "2003",

doi = "10.1016/S0165-1765(02)00212-4",

language = "English",

volume = "78",

pages = "139--146",

journal = "Economics Letters",

issn = "0165-1765",

publisher = "Elsevier B.V.",

}

TY - JOUR

T1 - Stability and non-linear dynamics in the broad demand for money in Spain

AU - Ordóñez, Javier

PY - 2003

Y1 - 2003

N2 - 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.

AB - 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.

UR - http://dx.doi.org/10.1016/S0165-1765(02)00212-4

U2 - 10.1016/S0165-1765(02)00212-4

DO - 10.1016/S0165-1765(02)00212-4

M3 - Article

SN - 0165-1765

VL - 78

SP - 139

EP - 146

JO - Economics Letters

JF - Economics Letters

ER -

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

Abstract

Access to Document

Other files and links

Fingerprint

Cite this