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

• 成果类型: Article
• 署名作者: Muscatelli, VA; Spinelli, F
• 署名单位: University of Glasgow; University of Brescia
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(00)00011-8
• 发表日期: 2000
• 页码: 717-739
• 关键词: demand for money; cointegration; monetary transmission mechanism; Italian monetary history

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.