A Nonlinear Specification of Demand for Narrow Money in Colombia

Borradores de Economia
Number: 
135
Published: 
Classification JEL: 
E41, C22, C52
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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A nonlinear smooth transition regression (STR) model of the demand for narrow money in Colombia is specified using monthly data for cash, prices, the scale variable (industrial GDP), the interest rate and the rate of depreciation, within the single equati