Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money: Comment
评论了Klein的货币需求函数形式，通过F检验表明其与简单线性形式等价，且线性形式更优，对研究货币需求函数设定的学者有参考价值。
In a recent article in this Review, Benjamin Klein derived a particular form for the demand for money function and presented econometric estimates of that specific function for the period 1880-1970. He also included estimates of a simpler linear functional form for the same period. In comparing the two, Klein concluded it is therefore not unambiguously clear which functional specification is superior (p. 941). In this comment I show that Klein's functional form is equivalent to the linear form with a single linear constraint imposed upon the coefficients. Such a constraint can be tested with a standard F-ratio test. I perform that test and conclude that in fact Klein's specification can be rejected in favor of the simpler linear form.' Klein's functional form is