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

被引：22

作者：

Muscatelli, VA ^{[1
]}

Spinelli, F

机构：

[1] Univ Glasgow, Dept Econ, Glasgow G12 8RT, Lanark, Scotland

[2] Univ Brescia, Dipartimento Sci Econ, I-25121 Brescia, Italy

来源：

JOURNAL OF MONETARY ECONOMICS | 2000年 / 45卷 / 03期

关键词：

demand for money; cointegration; monetary transmission mechanism; Italian monetary history;

D O I：

10.1016/S0304-3932(00)00011-8

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This payer 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. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: E41.

引用

页码：717 / 739

页数：23

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